By Sheri Kasprzak
New York, Sept. 15 - Island Mountain Gold Mines Ltd. said it has arranged a private placement for up to C$3 million.
The non-brokered offering includes up to 15 million units at C$0.20 each.
The investors will have the option to buy mixed units of one flow-through share, one non flow-through share and one warrant. The warrants allow for the purchase of another non flow-through share at C$0.15 each for one year.
Investors who choose not to purchase the mixed units may buy units of two non flow-through shares and one warrant under the same terms.
The proceeds will be used for debt repayment, property acquisitions and expenses and working capital.
Based in Vancouver, B.C., Island Mountain is a gold exploration company.
| Issuer: | Island Mountain Gold Mines Ltd.
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| Issue: | Units of either one flow-through share, one non flow-through share and one warrant or two non flow-through shares and one warrant
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| Amount: | C$3 million (maximum)
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| Units: | 15 million (maximum)
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| Price: | C$0.20
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| Warrants: | One warrant per unit
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| Warrant expiration: | One year
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| Warrant strike price: | C$0.15
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| Pricing date: | Sept. 14
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| Stock price: | C$0.155 at close Sept. 14
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