Deal funds engineering, infrastructure upgrades on Trinidad property
By Devika Patel
Knoxville, Tenn., Feb. 2 - Oro Mining Ltd. said it will conduct a C$5.75 million non-brokered private placement of units.
The company will sell 52,272,728 units of one common share and one half-share warrant at C$0.11 per unit, with each whole warrant exercisable at C$0.20 for two years. The strike price is a 60% premium to C$0.125, the Feb. 1 closing share price.
Insiders may participate.
Settlement is expected Feb. 10.
Proceeds will be used to advance the company's Trinidad property by completing engineering, permitting and initial infrastructure upgrades to maintain the previously reported timeline towards Taunus production, as well as 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$5.75 million
|
| Units: | 52,272,728
|
| Price: | C$0.11
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.20
|
| Agent: | Non-brokered
|
| Pricing date: | Feb. 2
|
| Settlement date: | Feb. 10
|
| Stock symbol: | TSX Venture: OGR
|
| Stock price: | C$0.125 at close Feb. 1
|
| Market capitalization: | C$13.26 million
|
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