By Laura Lutz
Washington, Dec. 5 - Oriental Minerals Inc. announced a private placement of units for up to C$6.4 million.
The company plans to sell up to 5 million units of one share and one half-share warrant at C$1.28 per unit. Each whole warrant will be exercisable at C$1.60 for 18 months.
Proceeds will be used for planning and work on the company's South Korea projects, for acquisitions and for working capital.
The deal will be non-brokered.
Oriental is a mineral exploration company based in Vancouver, B.C.
| Issuer: | Oriental Minerals Inc.
|
| Issue: | Units of one share and one half-share warrant
|
| Amount: | C$6.4 million
|
| Units: | 5 million
|
| Price: | C$1.28
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | 18 months
|
| Warrant strike price: | C$1.60
|
| Agent: | Non-brokered
|
| Pricing date: | Dec. 5
|
| Stock symbol: | TSX Venture: OTL
|
| Stock price: | C$1.46 at close Dec. 5
|
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