Non-brokered deal funds exploration at Wyomex project
By Marisa Wong
Madison, Wis., Jan. 12 - Titan Iron Ore Corp. said it completed a non-brokered private placement of units raising $1,000,500 on Wednesday. The company placed 1,334,000 units at $0.75 each.
Each unit consists of one common share and half of a warrant to purchase one common share. The warrants are exercisable at $1.00 per share until Jan. 10, 2015. The strike price represents a 15.97% discount to the Jan. 10 closing share price of $1.19.
This Rule 144A offering follows the company's first private placement tranche completed on June 20, 2011, which raised $1,000,500, according to a news release.
Proceeds will be used to fund exploration at the Wyomex Iron Complex project in Albany County, Wyo. The company said it is also investigating further financing options to raise the capital needed to advance exploration and other activities, including scoping, pre-feasibility and feasibility studies at this property.
Based in Tucson, Ariz., Titan is focused on the acquisition and development of iron ore exploration and development mining properties.
| Issuer: | Titan Iron Ore Corp.
|
| Issue: | Units of one common share and half of a warrant
|
| Amount: | $1,000,500
|
| Units: | 1,334,000
|
| Price: | $0.75
|
| Warrants: | Half of a warrant per unit; each warrant to purchase one common share
|
| Warrant expiration: | Jan. 10, 2015
|
| Warrant strike price: | $1.00
|
| Agent: | Non-brokered
|
| Settlement date: | Jan. 11
|
| Stock symbol: | OTCBB: TFER
|
| Stock price: | $1.19 at close Jan. 10
|
| Market capitalization: | $61.67 million
|
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