Non-brokered deal raises funds for pre-feasibility study on Ixtaca
By Marisa Wong
Madison, Wis., Feb. 11 – Almaden Minerals Ltd. said it closed a non-brokered private placement of 4.42 million units at C$1.25 per unit for total proceeds of C$5.53 million.
Each unit consists of one common share and one-half of a non-transferable common share purchase warrant. Each warrant allows the holder to purchase one common share at a price of C$2.00 per share until Feb. 11, 2016.
The strike price represents a 40.85% premium to the Feb. 10 closing share price.
Duane Poliquin, chairman of the board of the company, participated in the private placement for 120,000 units, Ernesto Echavarria, a greater than 10% shareholder of the company, for 320,000 units and Douglas McDonald, a senior officer of the company, for 14,000 units.
Finders fees consisting of C$212,626 in cash and warrants to purchase up to 49,410 common shares at a price of C$1.28 per common share until Feb. 11, 2016 were paid on a portion of the placement.
Almaden intends to use the proceeds of the private placement to advance its Ixtaca deposit towards the completion of a pre-feasibility engineering study and for general working capital.
Almaden is a mineral exploration company based in Vancouver, B.C.
| Issuer: | Almaden Minerals Ltd.
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| Issue: | Units of common stock, warrants
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| Amount: | C$5,525,000
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| Units: | 4.42 million
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| Price: | C$1.25
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| Warrants: | One-half warrant per unit
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| Warrant expiration: | Feb. 11, 2016
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| Warrant strike price: | C$2.00
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| Agent: | Non-brokered
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| Investors: | Duane Poliquin for 120,000 units, Ernesto Echavarria for 320,000 units and Douglas McDonald for 14,000 units
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| Announcement date: | Feb. 11
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| Stock symbol: | TSX Venture: AMM
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| Stock price: | C$1.42 at close Feb. 10
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| Market capitalization: | C$94.85 million
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