4,625,000 units of one share and 0.9 warrants sold at $0.40 per unit
By Devika Patel
Knoxville, Tenn., Aug. 6 – White Mountain Titanium Corp. settled a $150,000 second tranche of a $1.85 million private placement of units on Aug. 5, according to an 8-K filed Thursday with the Securities and Exchange Commission. The deal raised $1.7 million between April 29 and June 23.
The company sold 4,625,000 units of one common share and 0.9 warrants at $0.40 per unit. It sold 4.25 million units in the first tranche and 375,000 units in the second.
The investors also received bonus warrants for 6 million shares.
The whole warrants are exercisable at $0.55 until Dec. 31, 2017. The strike price is a 57.14% premium to the April 28 closing price of $0.35.
Investors included Grand Agriculture Investment Ltd., ModelNew Ltd., Hongzhi Zhou, Shihui Luo, Jingqing He, Yu Liang, Hai Qian Liang and Jian Wang.
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 0.9 warrants
|
| Amount: | $1.85 million
|
| Units: | 4,625,000
|
| Price: | $0.40
|
| Warrants: | 0.9 warrants per unit, 6 million bonus warrants
|
| Warrant expiration: | Dec. 31, 2017
|
| Warrant strike price: | $0.55
|
| Investors: | Grand Agriculture Investment Ltd., ModelNew Ltd., Hongzhi Zhou, Shihui Luo, Jingqing He, Yu Liang, Hai Qian Liang and Jian Wang
|
| Settlement date: | Between April 29 and June 23 (for $1.7 million), Aug. 5 (for $150,000)
|
| Stock symbol: | OTCBB: WMTM
|
| Stock price: | $0.35 at close April 28
|
| Market capitalization: | $31.48 million
|
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