Brokered deal aims to finance the Trinidad and El Compas properties
By Devika Patel
Knoxville, Tenn., Dec. 10 - Oro Mining Ltd. said it plans a private placement of units. Casimir Capital LP is the lead agent for the C$10 million deal, and Raymond James Ltd. also will assist.
Oro will sell 25 million units at C$0.40 apiece. The units consist of one common share and one half-share warrant and will be sold on a reasonable efforts basis. The whole warrants are exercisable at C$0.50 for two years.
The strike price represents a 30.21% premium to the Dec. 9 closing share price of C$0.37.
Settlement is expected Dec. 22.
Proceeds will be used to advance the Trinidad and El Compas properties toward pre-feasibility study level and for working capital and general corporate purposes.
The Vancouver, B.C., company is focused on expanding its gold resource base, moving toward production at its advanced projects and continuing to make exploration discoveries.
| Issuer: | Oro Mining Ltd.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | C$10 million
|
| Units: | 25 million
|
| Price: | C$0.40
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.50
|
| Agent: | Casimir Capital LP (lead), Raymond James Ltd.
|
| Pricing date: | Dec. 10
|
| Settlement date: | Dec. 22
|
| Stock symbol: | TSX Venture: OGR
|
| Stock price: | C$0.37 at close Dec. 10
|
| Market capitalization: | C$31.73 million
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