Non-brokered offering expected to fund exploration of Kami Project
By Devika Patel
Knoxville, Tenn., Nov. 10 - Alderon Iron Ore Corp. said it plans a C$6 million non-brokered private placement of stock.
The company will sell 2 million flow-through common shares at C$3.00 each. The price per share represents a 14.07% premium to the Nov. 9 closing share price of C$2.63.
Settlement is expected Nov. 30.
Proceeds will be used for exploration expenditures on the company's Kami Project.
The iron ore development company is based in Vancouver, B.C.
| Issuer: | Alderon Iron Ore Corp.
|
| Issue: | Flow-through common stock
|
| Amount: | C$6 million
|
| Shares: | 2 million
|
| Price: | C$3.00
|
| Warrants: | No
|
| Agent: | Non-brokered
|
| Pricing date: | Nov. 10
|
| Settlement date: | Nov. 30
|
| Stock symbol: | Toronto: ADV
|
| Stock price: | C$2.63 at close Nov. 9
|
| Market capitalization: | C$212.58 million
|
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