By Devika Patel
Knoxville, Tenn., Dec. 21 - Far West Mining Ltd. said it raised C$3.23 million in an oversubscribed, non-brokered private placement of units. The deal priced Dec. 13 for C$3 million.
Far West sold 808,200 units at C$4.00 each. The company planned to sell 750,000 units. The units consist of one share and one half-share warrant with each whole warrant exercisable at C$5.25 for 30 months.
The warrants may expire sooner if Far West's common shares close higher than C$6.50 for 20 consecutive trading days. In that case, the warrants will expire on the 30th day after the company notifies holders.
The company paid C$161,640 in commissions and issued 40,410 non-transferable warrants. The finder's warrants will be exercisable at C$5.25 for 30 months.
Proceeds will be used for exploration, development and general working capital.
Vancouver, B.C.-based Far West is a mineral exploration company primarily engaged in the evaluation, acquisition and exploration of mineral properties in Chile, Argentina and Australia.
| Issuer: | Far West Mining Ltd.
|
| Issue: | Units of one share and one half-share warrant
|
| Amount: | C$3,232,800
|
| Units: | 808,200
|
| Price: | C$4.00
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | 30 months
|
| Warrant strike price: | C$5.25
|
| Agent: | Non-brokered
|
| Fees: | C$161,640 in cash, 40,410 warrants
|
| Pricing date: | Dec. 13
|
| Settlement date: | Dec. 21
|
| Stock symbol: | Toronto: FWM
|
| Stock price: | C$3.90 at close Dec. 13
|
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