By Sheri Kasprzak
New York, Oct. 18 - Liberty Mines Inc. said it priced a private placement for up to C$2.5 million.
The company plans to sell up to 4,222,222 flow-through shares at C$0.45 each and up to 1.5 million non flow-through units at C$0.40 each.
The units include one share and one half-share warrant. The whole warrants are exercisable at C$0.50 each for two years.
Placement agent MGI Securities Inc. has an over-allotment option for up to C$500,000 in any combination of shares or units.
The proceeds will be used for drying the Redstone nickel mine, for exploration at the mine and for working capital.
The offering is expected to close Nov. 7.
Based in Timmins, Ont., Liberty is a mineral exploration and development company.
| Issuer: | Liberty Mines Inc.
|
| Issue: | Flow-through shares and units of one share and one half-share warrant
|
| Amount: | C$2.5 million (maximum)
|
| Greenshoe: | For up to C$500,000
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| Placement agent: | MGI Securities Inc.
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| Pricing date: | Oct. 18
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| Settlement date: | Nov. 7
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| Stock price: | C$0.39 at close Oct. 18
|
|
|
| Flow-through shares
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| Shares: | 4,222,222 (maximum)
|
| Price: | C$0.45
|
| Warrants: | No
|
|
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| Units
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| Units: | 1.5 million (maximum)
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| Price: | C$0.40
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
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| Warrant strike price: | C$0.50
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