By Laura Lutz
Des Moines, May 25 - Industrial Minerals Corp. Ltd. arranged a private placement of shares for A$14 million.
The company plans to sell 35 million shares at A$0.40 each.
The placement will be conducted in two tranches. The first, for 22 million shares, is expected to settle on June 5. The second, for 13 million shares, depends on shareholder approval.
Capital Investment Partners Pty. Ltd. was the lead agent with Bligh Capital Pty. Ltd. as co-agent.
Proceeds will be used for working capital.
Industrial Minerals is a mineral exploration and development company based West Perth, Australia.
| Issuer: | Industrial Minerals Corp. Ltd.
|
| Issue: | Shares
|
| Amount: | A$14 million
|
| Shares: | 35 million
|
| Price: | A$0.40
|
| Warrants: | No
|
| Agents: | Capital Investment Partners Pty. Ltd. (lead), Blight Capital Pty. Ltd.
|
| Pricing date: | May 25
|
| Settlement dates: | June 5 (for 22 million shares)
|
| Stock symbol: | Australia: IDM
|
| Stock price: | A$0.39 at close May 25
|
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