By Laura Lutz
Des Moines, April 2 - Tiomin Resources Inc. secured C$10,878,170 from a private placement of shares with Jinchuan Group Ltd.
Tiomin agreed to sell 72,521,134 shares at C$0.15 each.
The investment will increase Jinchuan's equity ownership of Tiomin to 20%.
Jinchuan also has a six-month option to subscribe for an additional C$17 million of shares at C$0.35 per share.
Proceeds will be used to develop the companies' joint Kwale mineral sands project in Kenya.
Tiomin is a resource exploration company based in Toronto.
| Issuer: | Tiomin Resources Inc.
|
| Issue: | Shares
|
| Amount: | C$10,878,170
|
| Shares: | 72,521,134
|
| Price: | C$0.15
|
| Option: | For C$17 million of shares
|
| Option expiration: | Six months
|
| Option strike price: | C$0.35
|
| Investor: | Jinchuan Group Ltd.
|
| Announcement date: | April 2
|
| Stock symbol: | Toronto: TIO
|
| Stock price: | C$0.09 at close March 30
|
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