By Devika Patel
Knoxville, Tenn., Feb. 8 - Sierra Minerals Inc. said it has arranged a C$3.2 million private placement of units.
The company will sell 8 million units of one common share and one half-share warrant at C$0.40 apiece.
The whole warrants will be exercisable at C$0.70 for two years.
Max Capital Markets Ltd. is the agent for the deal, which is expected to settle on March 31. Max Capital will receive a 7% cash commission and broker warrants for a number of units equal to 7% of the number of units sold. The broker warrants will be exercisable at C$0.40 for two years.
Proceeds will be used for mine expansion.
Sierra is a Toronto-based precious metals producer.
| Issuer: | Sierra Minerals Inc.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | C$3.2 million
|
| Units: | 8 million
|
| Price: | C$0.40
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.70
|
| Agent: | Max Capital Markets Ltd.
|
| Fees: | 7% in cash and warrants
|
| Pricing date: | Feb. 8
|
| Settlement date: | March 31
|
| Stock symbol: | Toronto: SIM
|
| Stock price: | C$0.42 at close Feb. 7
|
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