By Sheri Kasprzak
New York, Aug. 2 - Inter-Citic Minerals Inc. said it has closed its previously announced private placement for C$1,720,999.
The company sold 2,868,333 units at C$0.60 each.
The units consist of one share and one half-share warrant, the whole of which is exercisable at C$0.80 each for 18 months.
The offering was first announced July 6 as a C$1.75 million deal comprised of up to 2,916,668 units under the same terms.
Based in Toronto, Inter-Citic is a mineral exploration company. The proceeds will be used for exploration on the company's interests in the Dachang and Zalatun properties in China. The remainder will be used for working capital.
| Issuer: | Inter-Citic Minerals Inc.
|
| Issue: | Units of one share and one half-share warrant
|
| Amount: | C$1,720,999
|
| Units: | 2,868,333
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| Price: | C$0.60
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | 18 months
|
| Warrant strike price: | C$0.80
|
| Pricing date: | July 6
|
| Settlement date: | Aug. 2
|
| Stock price: | C$0.70 at close July 6
|
| Stock price: | C$0.66 at close Aug. 2
|
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