By Sheri Kasprzak
New York, March 22 - Dynacor Mines Inc. said it priced a C$2.75 million private placement of units.
The offering includes up to 6,875,000 units of one share and one half-share warrant. Each unit is priced at C$0.40, level with the company's closing stock price on March 21.
The whole warrants from the deal allow for the purchase of another share at C$0.52 each for two years.
Dominick & Dominick Securities Inc. is the placement agent.
Proceeds will be used for exploration on the company's Pasto Bueno tungsten mine, as well as for working capital.
Dynacor acquired the Pasto Bueno mine after buying all of the outstanding shares of Minera Malaga Santolalla S.A.C., the mine's former owner.
On Tuesday, gold prices closed at $552.10.
Montreal-based Dynacor is a gold exploration company.
| Issuer: | Dynacor Mines Inc.
|
| Issue: | Units of one share and one half-share warrant
|
| Amount: | C$2.75 million
|
| Units: | 6,875,000
|
| Price: | C$0.40
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.52
|
| Placement agent: | Dominick & Dominick Securities Inc.
|
| Pricing date: | March 22
|
| Stock symbol: | TSX Venture: DYN
|
| Stock price: | C$0.40 at close March 21
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
