By Sheri Kasprzak
New York, June 28 - Oriental Minerals Inc. priced a C$1.4 million private placement of units.
The non-brokered deal includes up to 14 million units of one share and one warrant.
The warrants are exercisable at C$0.20 each for 18 months.
Proceeds will be used for working capital and project acquisitions.
The deal was oversubscribed from the originally intended C$775,000.
Oriental, based in Vancouver, B.C., is a mineral exploration company focused on gold, silver and copper projects in South Korea.
Issuer: | Oriental Minerals Inc.
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Issue: | Units of one share and one warrant
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Amount: | C$1.4 million
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Units: | 14 million
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Price: | C$0.10
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Warrants: | One warrant per unit
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Warrant expiration: | 18 months
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Warrant strike price: | C$0.20
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Placement agent: | Non-brokered
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Pricing date: | June 28
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Stock symbol: | TSX Venture: OTL
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Stock price: | C$0.12 at close June 28
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