25,714,286 units of a share, one warrant sold at $0.35, $0.40 per unit
By Devika Patel
Knoxville, Tenn., Dec. 9 - White Mountain Titanium Corp. arranged a $10 million private placement of units with Grand Agriculture Investment Ltd. on Dec. 4, according to an 8-K filed Monday with the Securities and Exchange Commission.
The company will sell units of one common share and one warrant in two tranches of 5,714,286 units at $0.35 per unit and 20 million units at $0.40 per unit.
The first-tranche warrants will each be exercisable at $0.45, a 25% premium to $0.36, the Dec. 3 closing share price. The warrants expire on Dec. 31, 2016.
The second-tranche warrants will each be exercisable at $0.55, a 52.78% premium to the Dec. 3 closing share price. The warrants expire on Dec. 31, 2017.
Settlement of the $2 million first tranche is expected Dec. 13. Settlement of the $8 million second tranche is expected April 15.
Proceeds will be used to complete the environmental impact study and advance the Cerro Blanco project to final engineering feasibility.
Vancouver, B.C.-based White Mountain holds mining concessions on the Cerro Blanco property consisting of nine fully constituted exploitation mining concessions and 24 exploitation mining concessions in the process of being constituted.
| Issuer: | White Mountain Titanium Corp.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | $10 million
|
| Units: | 25,714,286
|
| Prices: | $0.35, $0.40
|
| Warrants: | One warrant per unit
|
| Warrant expiration dates: | Dec. 31, 2016, Dec. 31, 2017
|
| Warrant strike prices: | $0.45, $0.55
|
| Investor: | Grand Agriculture Investment Ltd.
|
| Pricing date: | Dec. 4
|
| Settlement dates: | Dec. 13 (for $2 million), April 15 (for $8 million)
|
| Stock symbol: | OTCBB: WMTM
|
| Stock price: | $0.36 at close Dec. 3
|
| Market capitalization: | $30.66 million
|
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