New Issue: Baffinland raises C$3.66 million in final tranche of C$36.9 million shares sale

By Devika Patel

Knoxville, Tenn., Nov. 16 - Baffinland Iron Mines Corp. said it took in C$3.66 million in the second and final tranche of a non-brokered private placement of stock.

The company raised C$33,237,566.70 in the first tranche on Nov. 14 and C$36,897,746.70 total. The deal priced for between C$32 million and C$40 million on Nov. 1.

The company sold a total of 6,961,839 flow-through common shares at C$5.30 per share. Baffinland sold 6,271,239 shares in the first tranche. It sold 690,600 shares in this tranche.

Baffinland paid a 2.5% finder's fee for the deal.

Proceeds will be used for exploration.

Based in Toronto, Baffinland is a company engaged in mineral exploration and development.

Issuer:	Baffinland Iron Mines Corp.
Issue:	Flow-through common shares
Amount:	C$36,897,746.70
Shares:	6,961,839
Price:	C$5.30
Warrants:	No
Agents:	Non-brokered
Fees:	2.5%
Pricing date:	Nov. 1
Stock symbol:	Toronto: BIM
Stock price:	C$4.68 at close Oct. 31
First tranche
Amount:	C$33,237,566.70
Shares:	6,271,239
Settlement date:	Nov. 14
Second tranche
Amount:	C$3,660,180
Shares:	690,600
Settlement date:	Nov. 16

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