Company also acquires a 70% interest in Bisie Tin Project in the Congo
By Devika Patel
Knoxville, Tenn., Aug. 18 - Alphamin Resources Corp. said it completed a C$5 million private placement of convertible notes. The deal priced for C$4 million on March 24.
The 8% notes will convert automatically into 6.25 million common shares on March 18, 2012 at C$0.80 per share, a 77.78% premium to the March 23 closing share price of C$0.45.
The company also said it has settled its acquisition of a 70% interest in the Bisie Tin Project in the Democratic Republic of the Congo.
The gold, silver and polymetallic explorer is based in Vancouver, B.C.
| Issuer: | Alphamin Resources Corp.
|
| Issue: | Convertible notes
|
| Amount: | C$5 million
|
| Maturity: | March 18, 2012
|
| Coupon: | 8%
|
| Conversion price: | C$0.80
|
| Conversion premium: | 77.78%
|
| Conversion ratio: | Into 6.25 million shares
|
| Warrants: | No
|
| Pricing date: | March 24
|
| Settlement date: | Aug. 18
|
| Stock symbol: | TSX Venture: AFM
|
| Stock price: | C$0.45 at close March 24
|
| Market capitalization: | C$21.78 million
|
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