By Devika Patel
Knoxville, Tenn., Jan. 22 - Quinto Mining Corp. announced it has completed a non-brokered private placement of units. The deal priced for C$6.62 million on Dec. 20 and was lifted to C$7.27 million on Dec. 24.
The company sold 11,185,000 units at C$0.65 apiece. It originally planned to sell 10,185,000 units at that price.
Each unit consists of one common share and a half-share warrant. The whole warrants are exercisable at C$1.00 until Jan. 10, 2010.
Consolidated Thompson Iron Mines and Aberdeen International bought 5 million units each for C$6.5 million.
The company paid a C$508,917.50 finder's fee and issued 1,118,500 compensation options. Each compensation option is exercisable into one unit at C$0.65 until Jan. 10, 2010. These units have the same terms as those sold in the deal.
Proceeds will be used for exploration and general working capital.
Based in Delta, B.C., Quinto Mining is an exploration stage company engaged in the acquisition and exploration of mineral properties.
| Issuer: | Quinto Mining Corp.
|
| Issue: | Units of one common share and a half-share warrant
|
| Amount: | C$7,270,250
|
| Units: | 11,185,000
|
| Price: | C$0.65
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Jan. 10, 2010
|
| Warrant strike price: | C$1.00
|
| Agent: | Non-brokered
|
| Investors: | Consolidated Thompson Iron Mines (for 5 million units or C$3.25 million), Aberdeen International (for 5 million units or C$3.25 million)
|
| Fees: | C$508,917.50, 1,118,500 compensation options
|
| Pricing date: | Dec. 20
|
| Upsized: | Dec. 24
|
| Settlement date: | Jan. 22
|
| Stock symbol: | TSX Venture: QU
|
| Stock price: | C$0.67 at close Dec. 19
|
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