By Sheri Kasprzak
Atlanta, March 3 - Century Mining Corp. said it plans raise up to C$2.85 million in a private placement of convertible debentures and up to C$1 million in flow-through shares.
The company will sell up to 2.5 million flow-through shares at C$0.40 each.
The company will also issue up to C$2.85 million in convertible debentures. The debentures bear interest at 10% annually and are convertible into common shares at C$0.44 each. The debentures mature Dec. 31, 2006.
The conversion may be forced if Century's stock trades above C$1.00 for 30 consecutive days.
The company will also issue warrants for 5 million shares, exercisable at C$0.44 each for two years.
The deal is expected to close March 7.
Based in Blaine, Wash., Century Mining is a gold exploration and development company. It plans to use the proceeds from the flow-through shares for drilling and exploration on the Sigma-Lamaque gold properties. The proceeds from the debentures will be used for working capital.
| Issuer: | Century Mining Corp.
|
| Issue: | Flow-through shares
|
| Amount: | C$1 million (maximum)
|
| Shares: | 2.5 million (maximum)
|
| Price: | C$0.40
|
| Warrants: | No
|
| Pricing date: | March 2
|
| Settlement date: | March 7
|
| Stock price: | C$0.445 at close March 2
|
|
|
| Issuer: | Century Mining Corp.
|
| Issue: | Convertible debentures
|
| Amount: | C$2.85 million (maximum)
|
| Maturity: | Dec. 31, 2006
|
| Coupon: | 10%
|
| Price: | Par
|
| Yield: | 10%
|
| Conversion price: | C$0.44
|
| Call: | Conversion may be forced if stock trades above C$1.00 for 30 days
|
| Warrants: | For 5 million shares
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.44
|
| Pricing date: | March 2
|
| Settlement date: | March 7
|
| Stock price: | C$0.445 at close March 2
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
