By Sheri Kasprzak
New York, Sept. 20 - Dynacor Mines Inc. said it has closed a non-brokered private placement for $1,451,144.
The company sold 9,528,200 units at $0.1523 each to Sprott Asset Management Inc. Dynacor currently has 57,528,024 outstanding common shares and upon closing, will have 67,056,224 outstanding common shares.
The units are comprised of one share and one half-share warrant. The whole warrants allow for the purchase of another share at $0.2115 each through Sept. 28, 2007.
Proceeds from the deal will be used to acquire the Pasto Bueno Mine from Minera Malaga Santolalla S.A.C. The remainder will be used for working capital.
Based in Montreal, Dynacor is a mineral exploration company.
| Issuer: | Dynacor Mines Inc.
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| Issue: | Units of one share and one half-share warrant
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| Amount: | $1,451,144
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| Units: | 9,528,200
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| Price: | $0.1523
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| Warrants: | One half-share warrant per unit
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| Warrant expiration: | Sept. 28, 2007
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| Warrant strike price: | $0.2115
|
| Investor: | Sprott Asset Management Inc.
|
| Settlement date: | Sept. 20
|
| Stock price: | $0.14 at close Sept. 19
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