By Devika Patel
Knoxville, Tenn., Sept. 28 - Liberty Mines Inc. said it has closed its previously announced private placements of stock, raising C$11,398,575. The deals priced on Sept. 12 and were upsized the same day.
In the first deal, the company sold 3,500,000 flow-through common shares, up from 3,000,000 shares the company originally planned to sell, at C$2.85 apiece. The 499,500 flow-through shares in the non-brokered second placement, up from the originally planned 157,895 shares, were sold at the same price.
Salman Partners Inc. was the agent for the first offering and was paid C$598,500 in cash and compensation warrants exercisable for 210,000 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.
|
| Issue: | Flow-through shares
|
| Pricing date: | Sept. 12
|
| Upsized: | Sept. 12
|
| Settlement date: | Sept. 27
|
| Stock symbol: | TSX Venture: LBE
|
| Stock price: | C$2.27 at close Sept. 12
|
|
|
| First offering
|
| Amount: | C$9.975 million
|
| Shares: | 3,500,000
|
| Price: | C$2.85
|
| Warrants: | No
|
| Agent: | Salman Partners Inc.
|
| Fees: | $598,500; compensation warrants exercisable for 210,000 common shares
|
|
|
| Second offering
|
| Amount: | C$1,423,575
|
| Shares: | 499,500
|
| Price: | C$2.85
|
| Warrants: | No
|
| Agent: | Non-brokered
|
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