By Devika Patel
Knoxville, Tenn., Nov. 1 - Baffinland Iron Mines Corp. said it plans to raise between C$32 million and C$40 million in a non-brokered private placement of stock.
The company will sell between 6 million and 7.5 million flow-through common shares at C$5.30 per share.
Baffinland intends to pay a 2.5% finder's fee.
Proceeds of the deal, which is expected to close Nov. 14, will be used for exploration.
Based in Toronto, Baffinland is a development-stage company engaged in mineral exploration and development.
| Issuer: | Baffinland Iron Mines Corp.
|
| Issue: | Flow-through common shares
|
| Amount: | C$32 million (minimum), C$40 million (maximum)
|
| Shares: | 6 million (minimum), 7.5 million (maximum)
|
| Price: | C$5.30
|
| Warrants: | No
|
| Agent: | Non-brokered
|
| Fees: | 2.5%
|
| Pricing date: | Nov. 1
|
| Settlement date: | Nov. 14
|
| Stock symbol: | Toronto: BIM
|
| Stock price: | C$4.68 at close Oct. 31
|
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