Deal sells 10.5 million shares; first tranche settles at C$0.20 apiece
By Devika Patel
Knoxville, Tenn., April 21 – New Era Minerals Inc. said it raised C$994,853 in the first tranche of an RMB 10 million non-brokered private placement of stock with Lin Guang Ju. The deal priced Jan. 8.
The company is selling up to 10.5 million common shares. In the first tranche, New Era sold 4,974,266 shares at C$0.20 apiece, which is a 122.22% premium to the April 20 closing share price of C$0.09.
Settlement of the second tranche is expected June 30.
Proceeds will be used to repay a loan of about C$420,000 provided by the investor and for general corporate and working capital requirements.
The Toronto company explores for nickel.
| Issuer: | New Era Minerals Inc.
|
| Issue: | Common shares
|
| Amount: | RMB 10 million
|
| Shares: | 10.5 million (maximum)
|
| Price: | C$0.20 (for 4,974,266 shares)
|
| Warrants: | No
|
| Agents: | Non-brokered
|
| Investor: | Lin Guang Ju
|
| Pricing date: | Jan. 8
|
| Settlement dates: | April 21 (for C$994,853), June 30
|
| Stock symbol: | TSX Venture: NEM
|
| Stock price: | C$0.09 at close April 20
|
| Market capitalization: | C$7.25 million
|
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