By Sheri Kasprzak
New York, March 27 - Baja Mining Corp. said it negotiated a C$14 million private placement.
The deal includes up to 15,555,556 units at C$0.90 each. The price per unit is a 34.3% discount to the company's closing stock price on March 24 - C$1.37.
The units are comprised of one share and one half-share warrant, with each whole warrant exercisable at C$1.25 for two years.
A syndicate of agents led by Westwind Partners Inc. and including Haywood Securities Inc. has a greenshoe for up to 10 million additional units.
Proceeds will be used for a feasibility study on the company's Boleo project and for general corporate purposes.
The deal is expected to close March 31.
Based in Vancouver, B.C., Baja is a mineral exploration company.
| Issuer: | Baja Mining Corp.
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| Issue: | Units of one share and one half-share warrant
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| Amount: | C$14 million
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| Units: | 15,555,556
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| Greenshoe: | For up to 10 million units
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| Price: | C$0.90
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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$1.25
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| Placement agents: | Westwind Partners Inc. (lead), Haywood Securities Inc.
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| Pricing date: | March 27
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| Settlement date: | March 31
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| Stock symbol: | TSX Venture: BAJ
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| Stock price: | C$1.37 at close March 24
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