Company sells 10 million units with five-year warrants at $1.00 each
By Devika Patel
Knoxville, Tenn., Dec. 28 - Applied Minerals, Inc. settled a $10 million private placement of units with funds managed by Samlyn Capital, LLC on Dec. 22, according to an 8-K filed Wednesday with the Securities and Exchange Commission.
The company sold 10 million units of one common share and one half-share warrant at $1.00 per unit. Each whole warrant is exercisable at $2.00 for five years. The strike price reflects a 65.29% premium to the Dec. 21 closing share price of $1.21.
New York-based Applied Minerals is an exploration company focusing on halloysite, kaolinite, alunite and other minerals.
| Issuer: | Applied Minerals, Inc.
|
| Issue: | Units of one common share and one half-share warrant
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| Amount: | $10 million
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| Units: | 10 million
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| Price: | $1.00
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| Warrants: | One half-share warrant per unit
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| Warrant expiration: | Five years
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| Warrant strike price: | $2.00
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| Investor: | Samlyn Capital, LLC
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| Settlement date: | Dec. 22
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| Stock symbol: | OTCBB: AMNL
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| Stock price: | $1.33 at close Dec. 22
|
| Market capitalization: | $102.79 million
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