Non-brokered deal funds Atacama property, Pampas El Peñon properties
By Devika Patel
Knoxville, Tenn., March 17 – Arena Minerals Inc. said it plans a C$1.5 million non-brokered private placement of units.
The company will sell 15 million units of one common share and one half-share warrant at C$0.10 per unit.
Each whole warrant is exercisable at C$0.15 for two years. The strike price reflects a 25% premium to the March 16 closing share price of C$0.12.
Ross Beaty intends to purchase about 10 million units for C$1 million, which would increase his non-diluted holdings in the company to 12%, or about 16% on a partially diluted basis if the warrants are all exercised.
Proceeds will be used for development of the Atacama Copper property and the Pampas El Peñon properties and general corporate purposes.
The Toronto company explores for copper, gold and silver.
| Issuer: | Arena Minerals Inc.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | C$1.5 million
|
| Units: | 15 million
|
| Price: | C$0.10
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.15
|
| Agent: | Non-brokered
|
| Pricing date: | March 17
|
| Stock symbol: | TSX Venture: AN
|
| Stock price: | C$0.12 at close March 16
|
| Market capitalization: | C$9.24 million
|
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