Funds from sale of 30 million units used for general working capital
By Devika Patel
Knoxville, Tenn., July 15 – Iron South Mining Corp. said it plans a C$1.5 million non-brokered private placement of units.
The company will sell 30 million units of one common share and one warrant at C$0.05 apiece Each warrant is exercisable at C$0.10 for one year. The strike price reflects a 33.33% discount to the July 14 closing share price of C$0.15.
Proceeds will be used for general working capital.
Iron South is a Vancouver, B.C.-based iron exploration company.
| Issuer: | Iron South Mining Corp.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | C$1.5 million
|
| Units: | 30 million
|
| Price: | C$0.05
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | One year
|
| Warrant strike price: | C$0.10
|
| Agent: | Non-brokered
|
| Pricing date: | July 15
|
| Stock symbol: | TSX Venture: IS
|
| Stock price: | C$0.15 at close July 14
|
| Market capitalization: | C$1.51 million
|
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