Non-brokered offering slated to fund exploration activities in Serbia
By Devika Patel
Knoxville, Tenn., May 3 - Queensland Minerals Ltd. said it will raise C$11 million in a non-brokered private placement of units.
The company will sell 18,333,334 units of one common share and one half-share warrant at C$0.60 per unit. Each whole warrant will be exercisable at C$0.80 for two years. The strike price reflects a 33.33% premium to C$0.60, the May 2 closing share price.
Proceeds will be used to further the company's exploration activities in Serbia, as well as for other corporate purposes. The company also said its shareholders authorized it to acquire certain mineral licenses in Serbia from Dundee Precious Metals Inc. The company also plans to change its name to Dunav Resources Ltd.
Based in Longueuil, Quebec, Queensland is a molybdenum, rhenium, copper and gold exploration company.
| Issuer: | Queensland Minerals Ltd.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | C$11 million
|
| Units: | 18,333,334
|
| Price: | C$0.60
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.80
|
| Agent: | Non-brokered
|
| Pricing date: | May 3
|
| Stock symbol: | TSX Venture: QML
|
| Stock price: | C$0.60 at close May 2
|
| Market capitalization: | C$10.48 million
|
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