New York, Jan. 13 - Dynacor Mines Inc. said it completed the second tranche of its private placement for C$3.136 million, bringing the total size of the deal to C$5.396 million.
In the latest portion, the company sold 14,254,539 units at C$0.22 each.
It had previously sold 10,272,720 units in the first tranche, announced Jan. 3.
The units are comprised of one share and one half-share warrant. The whole warrants are exercisable at C$0.35 each through Dec. 28, 2007.
The deal was first announced Nov. 14 as a C$8 million offering comprised of up to 32 million units at C$0.25 each. The terms of the warrants remain the same.
Dominick & Dominick Securities Inc. was the placement agent - although in the second tranche only 14,027,266 units were sold on a brokered basis.
Proceeds will be used for exploration on the Pasto Bueno tungsten mine.
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: | C$3.136 million (second tranche), C$5.396 million (total)
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| Units: | 14,254,539 (second tranche), 24,527,259 (total)
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| Price: | C$0.22
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| Warrants: | One half-share warrant per unit
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| Warrant expiration: | Two years
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| Warrant strike price: | C$0.35
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| Placement agent: | Dominick & Dominick Securities Inc.
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| Pricing date: | Nov. 14
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| Settlement date: | Jan. 13
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| Stock price: | C$0.21 at close Nov. 14
|
| Stock price: | C$0.23 at close Jan. 13
|
| Ticker: | TSX Venture: DYN
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