Stock offering arranged with Centurion Private Equity at 3% discount
By Devika Patel
Knoxville, Tenn., March 11 - Silver Falcon Mining, Inc. said it negotiated an equity purchase agreement with Centurion Private Equity, LLC. The deal will raise up to $7.2 million.
The shares will be sold at a price equal to 97% of the market price of the stock based on its last 15-day average closing price.
"I am very pleased with this agreement," chief financial officer Tom Ridenour said in a press release. "The funding facility from Centurion is exercisable at our discretion, which gives us flexibility. At no time does this agreement have an endless floor or is deemed a 'TOXIC' financial facility to SFMI. This credit facility will fund the confirmation phase of our business plan and other expansions going forward at the War Eagle Mountain mine sites."
The precious metals producer is based in Bradenton, Fla.
| Issuer: | Silver Falcon Mining, Inc.
|
| Issue: | Equity funding facility
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| Amount: | $7.2 million
|
| Price: | 3% discount
|
| Warrants: | No
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| Investor: | Centurion Private Equity, LLC
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| Settlement date: | March 11
|
| Stock symbol: | OTCBB: SFMI
|
| Stock price: | $0.16 at close March 10
|
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