By Sheri Kasprzak
New York, Jan. 19 - Liberty Mines Inc. negotiated the terms of a C$9.5 million private placement.
The deal includes up to 1,851,851 flow-through shares at C$2.70 each and up to 1.8 million units at C$2.50 each.
The units are comprised of one share and one half-share warrant.
The whole warrants are exercisable at C$2.80 each for two years.
The expiry of the warrants may be accelerated to 30 days if the company's stock trades above C$3.75 for more than 20 consecutive trading days.
Salman Partners Inc. is the placement agent for the deal.
The company also plans to raise C$2.5 million in a non-brokered deal of flow-through shares and units. The number of shares and units offered in the non-brokered portion of the deal could not be determined Friday.
The offerings are set to close Feb. 8.
Proceeds will be used for exploration and development on the company's Redstone, McWatters, hart and Galata projects.
Based in Timmins, Ont., Liberty Mines is a resource company focused on nickel, cobalt and platinum group metals projects in Ontario.
| Issuer: | Liberty Mines Inc.
|
| Issue: | Flow-through shares and units of one share and one half-share warrant
|
| Amount: | C$9.5 million
|
| Placement agent: | Salman Partners Inc.
|
| Pricing date: | Jan. 19
|
| Settlement date: | Feb. 8
|
| Stock symbol: | TSX Venture: LBE
|
| Stock price: | C$2.45 at close Jan. 18
|
|
|
| Flow-through shares
|
| Shares: | 1,851,851
|
| Price: | C$2.70
|
| Warrants: | No
|
|
|
| Units
|
| Units: | 1.8 million
|
| Price: | C$2.50
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$2.80
|
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