By Sheri Kasprzak
Atlanta, Nov. 5 - Daybreak Mines Inc. said Friday it raised $3 million in a private placement.
On Nov. 2, the company agreed to sell 3 million shares of its series A non-voting convertible preferred shares to Crosspoint Holdings Inc. for $1 per share.
The shares are convertible into four shares of common stock for one year.
Until March 31, 2005, Crosspoint has the option to buy an additional 3 million shares of the series A non-voting convertible preferred stock at $1 per share.
Based in Osburn, Idaho, Daybreak is a mining exploration company.
| Issuer: | Daybreak Mines Inc.
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| Issue: | Series A non-voting convertible preferred shares
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| Amount: | $3 million
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| Shares: | 3 million
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| Price: | $1
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| Warrants: | No
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| Convertible: | Into four common shares for one year
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| Investors: | Crosspoint Holdings Inc.
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| Announcement date: | Nov. 5
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| Settlement date: | Nov. 2
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| Stock price: | $0.12 at close Nov. 2
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