By Devika Patel
Knoxville, Tenn., Sept. 25 - Baja Mining Corp. announced it has completed the first non-brokered tranche of a C$45,039,900 private placement of units, raising approximately C$30 million. An additional brokered tranche of approximately C$15 million is planned.
The company will sell a total 24,215,000 units at C$1.86 apiece. In the non-brokered tranche, 16,150,000 units were sold. A further 8,065,000 units will be sold by Versant Partners in the next tranche.
Each unit consists of one common share and 0.65 of a share warrant. Each whole warrant is exercisable at C$2.50 for five years.
The company may pay commissions for this deal.
Based in Vancouver, B.C., Baja is a mineral exploration company.
| Issuer: | Baja Mining Corp.
|
| Issue: | Units of one common share and 0.65 of a share warrant
|
| Amount: | C$45,039,900 (total); C$30 million (first tranche); C$15 million (second tranche)
|
| Units: | 24,215,000 (total); 16,150,000 (first tranche); 8,065,000 (second tranche)
|
| Price: | C$1.86
|
| Warrants: | 0.65 warrant per unit
|
| Warrant strike price: | C$2.50
|
| Warrant expiration: | Five years
|
| Agent: | Non-brokered (first tranche); Versant Partners (second tranche)
|
| Announcement date: | Sept. 24
|
| Stock symbol: | Toronto: BAJ
|
| Stock price: | C$2.02 at close Sept. 24
|
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