By Sheri Kasprzak
New York, July 12 - White Mountain Titanium Corp. said it has completed a private placement of preferred stock for $5 million.
The company sold 6.25 million shares of series A preferred stock at $0.80 each to a single European institutional investor.
The preferreds do not pay a dividend but are convertible into common shares on a one-for-one basis.
The investor also received warrants for 6.25 million shares, exercisable at $1.25 each.
Proceeds from the offering will be used to complete a feasibility study on a rutile deposit in Chile.
In other news, White Mountain announced that Brian Flower has been named its chief financial officer.
White Mountain is a Santiago, Chile-based titanium exploration company.
| Issuer: | White Mountain Titanium Corp.
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| Issue: | Series A preferred stock
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| Amount: | $5 million
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| Shares: | 6.25 million
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| Price: | $0.80
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| Conversion ratio: | Into common shares on a one-for-one basis
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| Warrants: | For 6.25 million shares
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| Warrant strike price: | $1.25
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| Settlement date: | July 12
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| Stock price: | $1.03 at close July 11
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