By Sheri Kasprzak
New York, Feb. 16 - Idaho General Mines, Inc. said it has completed a $30 million private placement.
The company sold 15 million units of one share and one half-share warrant at $2.00 each. The whole warrants are exercisable at $3.75 each for five years.
Proceeds will be used for permitting and engineering on the company's Mount Hope molybdenum project in Nevada.
Based in Spokane, Wash., Idaho General Mines is a mineral exploration company.
| Issuer: | Idaho General Mines, Inc.
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| Issue: | Units of one share and one half-share warrant
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| Amount: | $30 million
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| Units: | 15 million
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| Price: | $2.00
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| Warrants: | One half-share warrant per unit
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| Warrant expiration: | Five years
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| Warrant strike price: | $3.75
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| Settlement date: | Feb. 16
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| Stock symbol: | OTCBB: IGMI
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| Stock price: | $3.22 at close Feb. 15
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