By Laura Lutz
Des Moines, June 7 - Normabec Mining Resources Ltd. closed a private placement of units for C$3 million.
The company sold 6,666,666 units of one share and one half-share warrant at C$0.45 per unit. Each whole warrant will be exercisable at C$0.65 until Dec. 4, 2009.
Expiry of the warrants will be accelerated to 30 days if, at any time more than four months after closing, the company's shares trade at or above C$1.00 for 15 consecutive trading days.
Two private companies controlled by a director and an officer of Normabec subscribed for a total of C$195,000 in the deal.
The placement was non-brokered.
Proceeds will be used for drilling and working capital.
Normabec is a mining company based in St-Bruno, Quebec.
| Issuer: | Normabec Mining Resources Ltd.
|
| Issue: | Units of one share and one half-share warrant
|
| Amount: | C$3 million
|
| Units: | 6,666,666
|
| Price: | C$0.45
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Dec. 4, 2009
|
| Warrant strike price: | C$0.65
|
| Agent: | Non-brokered
|
| Settlement date: | June 5
|
| Stock symbol: | TSX Venture: NMB
|
| Stock price: | C$0.43 at close June 5
|
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