By Laura Lutz
Des Moines, Feb. 13 - New Jersey Mining Corp. completed a private placement for $1.074 million.
The company sold 2.685 million units of one share and one half-share warrant at $0.40 per unit. Each whole warrant is exercisable at $0.55 until Dec. 31, 2008.
The placement was non-brokered.
Proceeds will be used for exploration and to purchase a drill rig.
New Jersey Mining is a mineral exploration company based in Kellogg, Idaho.
Issuer: | New Jersey Mining Corp.
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Issue: | Units of one share and one half-share warrant
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Amount: | $1.074 million
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Units: | 2.685 million
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Price: | $0.40
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Warrants: | One half-share warrant per unit
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Warrant expiration: | Dec. 31, 2008
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Warrant strike price: | $0.55
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Agent: | Non-brokered
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Settlement date: | Feb. 13
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Stock symbol: | OTCBB: NJMC
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Stock price: | $0.62 at close Feb. 13
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