By Devika Patel
Knoxville, Tenn., Jan. 7 - New Meridian Mining Corp. said it will raise at least C$5 million in a private placement of subscription receipts.
The company will sell 11,111,112 receipts at C$0.45 apiece on a commercially reasonable basis. Each receipt will automatically convert into one unit of one common share and one half-share warrant. Each whole warrant is exercisable at C$0.65 for two years.
PI Financial Corp. is the lead agent. There is a C$3 million greenshoe.
Proceeds will be used for property payments, exploration and general working capital.
Calgary, Alta.-based New Meridian is a mining company.
| Issuer: | New Meridian Mining Corp.
|
| Issue: | Subscription receipts convertible into units of one common share and one half-share warrant
|
| Amount: | C$5 million (minimum)
|
| Greenshoe: | C$3 million
|
| Receipts: | 11,111,112
|
| Price: | C$0.45
|
| Warrants: | One half-share warrant per unit upon conversion
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.65
|
| Agent: | PI Financial Corp. (lead)
|
| Pricing date: | Jan. 7
|
| Stock symbol: | TSX Venture: NWC.H
|
| Stock price: | C$0.20 at close Jan. 6
|
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