Industrial Minerals says it will price $5 million of special warrants

By Devika Patel

Knoxville, Tenn., Nov. 21 - Industrial Minerals Inc. said it plans to price a $5 million private placement of special warrants.

Each special warrant is convertible into one share and one half-share warrant at no additional cost. Each of the warrants will be exercisable for two years.

The deal will be brokered, and the agent has a greenshoe for 20% of the placement.

The agent will receive a 7% cash commission and broker warrants to buy a number of shares equal to 7% of the special warrants sold. Each broker warrant will be exercisable for two years at a price equal to that of the special warrants.

The deal is expected to settle on Dec. 20.

Proceeds will be used for building the company's planned pilot plant, preparation of an application for a Canadian stock exchange listing and for general corporate purposes.

Industrial Minerals is a mineral exploration and development company based West Perth, Australia.

© 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.