BC Iron invests half of total proceeds with pricing at 1.23% discount
By Susanna Moon
Chicago, Aug. 22 - Cleveland Mining Co. Ltd. said it completed a private placement of about 16.9 million new common shares for proceeds of about A$10.7 million. BC Iron will invest A$5.64 million for 8.8 million shares at A$0.642 each.
The price per share to BC Iron reflects a 1.23% discount to the company's closing price on Aug. 21.
The company also will issue about 8.1 million new shares to sophisticated, professional and institutional investors at A$0.62 each for total proceeds of A$5.03 million. That price is a 4.62% discount.
Proceeds will be used for facilities and equipment at the Premier gold mine relating to the mining and production of gold including the fabrication and installation of a CIL plant, augmenting working capital requirements and meeting the reasonable contributions under the BCI Strategic Alliance.
Cleveland Mining is a Subiaco, Australia-based minerals company engaged in gold and iron ore exploration.
| Issuer: | Cleveland Mining Company Limited
|
| Issue: | Shares
|
| Amount: | A$10.7 million
|
| Shares: | 16.9 million
|
| Price: | A$0.62 to some, A$0.642 to BC Iron
|
| Investor: | BC Iron for A$5.64 million
|
| Pricing date: | Aug. 22
|
| Stock symbol: | Australia: CDG
|
| Stock price: | A$0.65 at close Aug. 21
|
| Market capitalization: | A$103.04 million
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