By Sheri Kasprzak
Atlanta, June 2 - Frontier Pacific Mining Corp. said it plans to raise up to C$7,124,871 in a private placement.
The company plans to sell up to 28,399,484 units in a non-brokered offering to Dundee Precious Metals Inc., Newmont Mining Corp. of Canada Ltd. and Stewart Blusson, a director of the company.
The units include one share and one warrant. The warrants provide for an additional share at C$0.40 each for two years.
Dundee will buy 7.5 million units at C$0.17 each in a first tranche and 12.5 million units at C$0.30 each in a second tranche for a total of C$5,025,000. After the first tranche closes, Newmont will buy 3,455,484 units at C$0.25 each and Blusson will buy 4,944,000 units at C$0.25 each for a total of C$2,099,871, bringing to C$7,124,871 the total proceeds raised from the deal.
Based in Vancouver, B.C., Frontier is a mineral exploration company. The proceeds will be used to fund the operations of the company's Greek subsidiary Thracean Gold Mining SA. The proceeds will also be used to develop the company's Perama Hill project in Greece and for exploration on its interest in the Macusani Uranium project in southern Peru. The remainder will be used for working capital.
| Issuer: | Frontier Pacific Mining Corp.
|
| Issue: | Units of one share and one warrant
|
| Amount: | C$7,124,871 (maximum)
|
| Units: | 28,399,484 (maximum)
|
| Price: | C$0.17 for 7.5 million in first tranche; C$0.30 for 12.5 million in second tranche to Dundee; C$0.25 for 8,399,484 to Newmont and Blusson
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.40
|
| Investors: | Dundee Precious Metals Inc., Newmont Mining Corp. of Canada Ltd. and Stewart Blusson
|
| Pricing date: | June 2
|
| Stock price: | C$0.165 at close June 2
|
|
|
© 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.
