By Devika Patel
Knoxville, Tenn., April 15 - Inter-Citic Minerals Inc. said it arranged a C$18.56 million private placement of stock.
The company will sell 16 million common shares at C$1.16 apiece.
Zijin Mining Group Co., Ltd., the investor, will own a 19.15% stake in the company following settlement.
Proceeds will be used to advance the Dachang gold project in China and for general corporate purposes.
Toronto-based Inter-Citic Minerals is an exploration and development company with properties in the People's Republic of China.
| Issuer: | Inter-Citic Minerals Inc.
|
| Issue: | Common stock
|
| Amount: | C$18.56 million
|
| Shares: | 16 million
|
| Price: | C$1.16
|
| Warrants: | No
|
| Investor: | Zijin Mining Group Co., Ltd.
|
| Pricing date: | April 15
|
| Stock symbol: | Toronto: ICI
|
| Stock price: | C$1.04 at close April 14
|
| Market capitalization: | C$111 million
|
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