By Devika Patel
Knoxville, Tenn., Dec. 21 - Ireland, Inc. arranged a $4.5 million private placement of units on Dec. 18, according to an 8-K filed Monday with the Securities and Exchange Commission.
The company is selling 10 million units of one common share and a half-share warrant at $0.45 per unit. The whole warrants are each exercisable at $0.75 until June 30, 2013.
If the full amount is sold, the company intends to spend approximately $1.8 million of the proceeds on drilling and exploring its Red Mountain Project, approximately $1.8 million on drilling and exploring its Columbus Project and the remaining balance as general working capital.
Located in Blaine, Wash., Ireland is a mineral exploration company.
| Issuer: | Ireland, Inc.
|
| Issue: | Units of one common share and a half-share warrant
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| Amount: | $4.5 million
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| Units: | 10 million
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| Price: | $0.45
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| Warrants: | One half-share warrant per unit
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| Warrant expiration: | June 30, 2013
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| Warrant strike price: | $0.75
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| Pricing date: | Dec. 18
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| Stock symbol: | OTCBB: IRLD
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| Stock price: | $0.50 at close Dec. 18
|
| Market capitalization: | $57.6 million
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