Investor Duluth Metals buys 3,906,250 common shares at C$0.64 apiece
By Devika Patel
Knoxville, Tenn., Dec. 23 - Franconia Minerals Corp. said it completed a non-brokered private placement with investor Duluth Metals Ltd. The deal raised C$2.5 million.
The company sold 3,906,250 common shares to the investor at C$0.64 each.
The price per share is a 24.71% discount to the C$0.85 closing price on Dec. 22.
Proceeds will be used to fund a land purchase option with Minnesota Power, as well as for general working capital.
Franconia is a copper, nickel, platinum and palladium exploration company based in Spokane, Wash.
| Issuer: | Franconia Minerals Corp.
|
| Issue: | Common shares
|
| Amount: | C$2.5 million
|
| Shares: | 3,906,250
|
| Price: | C$0.64
|
| Warrants: | No
|
| Agent: | Non-brokered
|
| Investor: | Duluth Metals Ltd.
|
| Settlement date: | Dec. 23
|
| Stock symbol: | Toronto: FRA
|
| Stock price: | C$0.85 at close Dec. 22
|
| Market capitalization: | C$70.29 million
|
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