Non-brokered offering funds exploration and general working capital
By Devika Patel
Knoxville, Tenn., Oct. 19 - Huakan International Mining Inc. said it completed a C$3.75 million non-brokered private placement of stock. The deal priced for C$5 million Sept. 15.
The company sold 5,357,142 common shares at C$0.70 per share. The price per share is a 7.69% premium to the Sept. 14 closing share price of C$0.65.
Hong Kong Huakan Investment Co., Ltd. invested C$2.8 million.
Proceeds will be used for exploration work on the company's J&L precious and polymetallic project and general working capital.
Vancouver, B.C.-based Huakan explores for gold, silver, zinc, lead, copper, nickel and cobalt.
| Issuer: | Huakan International Mining Inc.
|
| Issue: | Common shares
|
| Amount: | C$3.75 million
|
| Shares: | 5,357,142
|
| Price: | C$0.70
|
| Warrants: | No
|
| Agent: | Non-brokered
|
| Investor: | Hong Kong Huakan Investment Co., Ltd. (for C$2.8 million)
|
| Pricing date: | Sept. 15
|
| Settlement date: | Oct. 19
|
| Stock symbol: | TSX Venture: HK
|
| Stock price: | C$0.65 at close Sept. 14
|
| Market capitalization: | C$23 million
|
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