By Devika Patel
Knoxville, Tenn., Dec. 13 - Cream Minerals Ltd. announced it raised C$1.24 million in a non-brokered private placement of units.
The company sold units at C$0.45 apiece. Each unit consists of one common share and one half-share warrant. Each whole warrant is exercisable at C$0.55 for two years.
Cream Minerals paid an 8% finder's fee in cash, or C$64,638, to certain finders and issued 143,640 non-transferable warrants, or 8%. Each two-year finder's warrant will be exercisable for a common at C$0.55 apiece for the first year and at C$0.65 per share thereafter.
Proceeds will be used to continue silver-gold exploration at Cream's Nuevo Milenio project in Mexico, to continue bulk sampling for diamonds at its Casierra project in Sierra Leone, for exploration on its Canadian properties and for general working capital.
Vancouver, B.C.-based Cream Minerals is mineral exploration company with programs on the Casierra Diamond properties in Sierra Leone, the Nuevo Milenio silver-gold property in Mexico, the Wine property in Manitoba and mineral property interests in British Columbia and Manitoba.
| Issuer: | Cream Minerals Ltd.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | C$1.24 million
|
| Price: | C$0.45
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.55
|
| Agent: | Non-brokered
|
| Fees: | C$64,638 in cash, 143,640 finder's warrants
|
| Settlement date: | Dec. 13
|
| Stock symbol: | TSX Venture: CMA
|
| Stock price: | C$0.39 at close Dec. 13
|
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