By LLuiva Mares
New York, Sept. 7 - White Mountain Titanium Corp. concluded a $2.9 million private placement.
The company sold 5,770,000 units at $0.50 per unit, each consisting of one common share and one common share purchase warrant. The warrants are exercisable for three years at $0.60 per share.
The placement was taken up by accredited investors in China, the United States and Europe.
Proceeds from the transaction will be used by the company to advance its Cerro Blanco project towards final feasibility.
Vancouver, B.C.-based White Mountain holds mining concessions on the Cerro Blanco property consisting of nine fully constituted exploitation mining concessions and twenty-four exploitation mining concessions in the process of being constituted.
Issuer: White Mountain Titanium Corp.
Issue: Units of one common share and one common share purchase warrant
Amount: $2.9 million
Units: 5,770,000
Price: $0.50
| Warrants: | One common share purchase warrant per unit
|
| Warrant expiration: | Three years
|
| Warrant strike price: | $0.60
|
| Settlement date: | Sept. 6
|
| Stock symbol: | OTCBB: WMTM
|
| Stock price: | $0.51 at close Sept. 6
|
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