Proceeds used for fees, business development, administration expenses
By Devika Patel
Knoxville, Tenn., Oct. 26 - Oro East Mining, Inc. priced a $15 million initial public offering of stock in a Form S-1 filed Wednesday with the Securities and Exchange Commission.
The company will sell 5 million common shares at $3.00 apiece on a self-underwritten, best efforts basis.
Proceeds will be used for professional fees, general business development, administration expenses, option fees and geological survey fees.
The Oakland, Calif., company mines and produces gold, silver, copper, iron ore, and other industrial minerals.
| Issuer: | Oro East Mining, Inc.
|
| Issue: | Common stock
|
| Amount: | $15 million
|
| Shares: | 5 million
|
| Price: | $3.00
|
| Warrants: | No
|
| Pricing date: | Oct. 26
|
| Stock symbol: | Nasdaq: MACN
|
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