By Laura Lutz
Des Moines, Sept. 28 - Callinan Mines Ltd. upsized a previously announced private placement to C$7.05 million.
The company now plans to sell 3.8 million flow-through units, up from 3.2 million, at C$1.25 per unit and 2 million non flow-through units at C$1.15 per unit.
Each unit will consist of one share and one fourth-share warrant. Each warrant is exercisable at C$1.50 for one year.
The non-brokered deal priced as a C$6.3 million offering on Sept. 19.
Proceeds from the flow-through units will be used mainly for exploration of the company's Fox River project in Manitoba and its Coles Creek project in British Columbia. Proceeds from the non flow-through units will be used for any new project acquisitions, working capital and general corporate purposes.
Callinan is a mining company based in Vancouver, B.C.
| Issuer: | Callinan Mines Ltd.
|
| Issue: | Flow-through and non flow-through units of one share and one fourth-share warrant
|
| Amount: | C$7.05 million
|
| Agent: | Non-brokered
|
| Pricing date: | Sept. 19
|
| Upsized: | Sept. 28
|
| Stock symbol: | TSX Venture: CAA
|
| Stock price: | C$1.23 at close on Sept. 28
|
|
|
| Flow-through units
|
| Units: | 3.8 million
|
| Price: | C$1.25
|
| Warrants: | One fourth-share warrant per unit
|
| Warrant expiration: | One year
|
| Warrant strike price: | C$1.50
|
|
|
| Non flow-through units
|
| Units: | 2 million
|
| Price: | C$1.15
|
| Warrants: | One fourth-share warrant per unit
|
| Warrant expiration: | One year
|
| Warrant strike price: | C$1.50
|
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