By Laura Lutz
Washington, Dec. 14 - Oriental Minerals Inc. increased the maximum size of its previously announced private placement of units to C$9.6 million from C$6.4 million.
The company now plans to sell up to 7.5 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.
The deal priced on Dec. 5 as an offering of up to 5 million units on the same terms.
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.
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Issue: | Units of one share and one half-share warrant
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Amount: | C$9.6 million
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Units: | 7.5 million
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Price: | C$1.28
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Warrants: | One half-share warrant per unit
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Warrant expiration: | 18 months
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Warrant strike price: | C$1.60
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Agent: | Non-brokered
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Pricing date: | Dec. 5
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Upsized: | Dec. 14
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Stock symbol: | TSX Venture: OTL
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Stock price: | C$1.46 at close Dec. 5
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Stock price: | C$1.62 at close Dec. 14
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