By Sheri Kasprzak
Atlanta, March 8 - Tiomin Resources Inc. said it has wrapped a C$7 million private placement of units.
The company sold a total of 17.5 million units at C$0.40 each. A total of 5 million of the units were sold under the over-allotment option.
The units are comprised of one share and one half-share warrant. The whole warrants allow for an additional share at C$0.50 each for two years.
The deal was underwritten by a syndicate led by Sprott Securities Inc. and including Paradigm Capital Inc.
Based in Toronto, Tiomin is a mineral exploration company. The proceeds will be used for its Kwale titanium mineral sales project in Kenya and for general corporate purposes.
| Issuer: | Tiomin Resources Inc.
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| Issue: | Units of one share and one half-share warrant
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| Amount: | C$7 million
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| Units: | 17.5 million (includes greenshoe for 5 million units)
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| Price: | C$0.40
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| Warrants: | One half-share warrant per unit
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| Warrant expiration: | Two years
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| Warrant strike price: | C$0.50
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| Underwriters: | Sprott Securities Inc. (lead); Paradigm Capital Inc.
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| Pricing date: | Feb. 18
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| Settlement date: | March 8
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| Stock price: | C$0.40 at close Feb. 18
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| Stock price: | C$0.485 at close March 8
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