Offering conducted in conjunction with acquisition of Ivory Resources
By Devika Patel
Knoxville, Tenn., Dec. 1 - Brilliant Mining Corp. said it will conduct a private placement of units in connection with its planned acquisition of Ivory Resources Inc. Salida Capital LP is among the investors for the C$19 million deal.
The company will sell units of one common share and one warrant at C$0.27 apiece. Each warrant will be exercisable at C$0.45 for two years. The strike price reflects a 28.57% premium to the Nov. 30 closing share price of C$0.35.
Proceeds will be used to carry out an airborne geophysical survey in several west African countries and for general working capital and business initiatives.
The company plans to acquire Ivory in exchange for C$4 million of units at a deemed price of C$0.27 per unit, based on cash invested in Ivory by Salida and others. In addition, the company has agreed to issue C$2 million of units at C$0.27 per unit to Salida and to Lionhart Trading Co. Ltd. as part of the acquisition.
Brilliant Mining is a Vancouver, B.C.-based nickel mining company.
| Issuer: | Brilliant Mining Corp.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | C$19 million
|
| Price: | C$0.27
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.45
|
| Investor: | Salida Capital LP
|
| Pricing date: | Dec. 1
|
| Stock symbol: | TSX Venture: BLT
|
| Stock price: | C$0.35 at close Nov. 30
|
| Market capitalization: | C$15.19 million
|
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