New York, May 15 - Action Minerals Inc. said it is working on a private placement of units for up to C$3 million.
The units will be either common share units, sold at C$0.35 each and made up of one common share and half a share purchase warrant, or flow-through share units, sold at C$0.40 each and made up of one flow-through share and half a share purchase warrant.
In each case full warrants will be exercisable for one common share at C$0.45 each for 18 months from closing.
The placement will be non-brokered.
The proceeds will be used for exploration and development and working capital.
Based in Vancouver, B.C., Action Minerals is a mineral exploration company.
| Issuer: | Action Minerals Inc.
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| Issue: | Flow-through and non flow-through units
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| Amount: | C$3 million (maximum)
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| Placement agent: | Non-brokered
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| Announcement date: | May 15
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| Stock symbol: | TSX Venture: ATM
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| Stock price: | C$0.36 at close May 15
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| Common share units
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| Price: | C$0.35
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| Warrants: | 0.5 per unit
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| Warrant strike price: | C$0.45
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| Warrant expiration: | 18 months
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| Flow-through share units
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| Price: | C$0.40
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| Warrants: | 0.5 per unit
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| Warrant strike price: | C$0.45
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| Warrant expiration: | 18 months
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