By Sheri Kasprzak
New York, Jan. 19 - Sterling Mining Co. wrapped a private placement for $8,498,500.
The company issued 3.695 million units at $2.30 each.
The units include one share and one warrant. Each warrant is exercisable at $4.25 for two years.
Blackmont Capital Inc. and TD Securities Inc. were the placement agents.
Proceeds will be used to rehabilitate and upgrade the company's Sunshine Mine. The rest will be used for the purchase of a tailings pond and for working capital.
Sterling is a silver production and exploration company based in Coeur d'Alene, Idaho.
| Issuer: | Sterling Mining Co.
|
| Issue: | Units of one share and one warrant
|
| Amount: | $8,498,500
|
| Units: | 3.695 million
|
| Price: | $2.30
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | $4.25
|
| Placement agents: | Blackmont Capital Inc. and TD Securities Inc.
|
| Settlement date: | Jan. 19
|
| Stock symbol: | OTCBB: SRLM
|
| Stock price: | $3.25 at close Jan. 18
|
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