By Devika Patel
Knoxville, Tenn., Sept. 12 - Liberty Mines Inc. announced it has entered into an agreement with Salman Partners Inc. for a C$8.55 million private placement of stock. The company also plans to raise up to C$450,000 in an additional non-brokered placement of flow-through shares.
In the first deal, the company will sell 3,000,000 flow-through common shares at C$2.85 apiece. The 157,895 flow-through shares in the second placement will be sold at the same price.
Closing is expected around Sept. 27.
Salman Partners Inc. will receive a cash commission equal to 6% of the gross proceeds from the first offering and warrants equal to 6% of the number of shares sold. The agent's warrants will be exercisable for common shares at C$2.85 for 18 months.
Proceeds will be used for exploration and development at the McWatters mine, the Hart nickel project, other projects in the Shaw Dome Nickel Belt and the Groves nickel copper PGM project.
Liberty Mines is a Timmins, Ont.-based mineral exploration and development company.
Issuer: | Liberty Mines Inc.
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Issue: | Flow-through shares
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Amount: | C$8.55 million (first offering); C$450,000 (second offering)
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Shares: | 3,000,000 flow-through common shares (first offering); 157,895 (second offering)
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Price: | C$2.85
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Warrants: | No
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Agent: | Salman Partners Inc.
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Pricing date: | Sept. 12
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Stock symbol: | TSX Venture: LBE
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Stock price: | C$2.38 at close Sept. 11
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