By Laura Lutz
Washington, Feb. 8 - Liberty Mines Inc. raised C$8,041,590 from the first tranche of an upsized private placement of units and flow-through shares through Salman Partners Inc. The company also settled an upsized, non-brokered private placement for C$2,599,870.
In the first tranche of the brokered deal, the company sold 1,311,700 flow-through shares at C$2.70 per share and 1.8 million units of one non flow-through share and one half-share warrant at C$2.50 per unit. Each whole warrant is exercisable at C$2.80 for two years.
The placement priced on Jan. 18 as a C$5 million with a greenshoe for up to C$1 million.
The deal was modified to allow one institutional investor to settle in a second tranche on Feb. 14.
In the non-brokered placement, the company sold 407,600 flow-through shares and 599,740 units on the same terms as in the brokered deal.
The non-brokered placement also priced on Jan. 18. It was originally planned as a C$2 million offering.
Proceeds from the flow-through shares will be used for exploration and development on the company's Redstone, McWatters, Hart and Galata projects in Ontario. Proceeds from the units will be used for capital purchases at the Redstone mine, shaft and mill.
Liberty Mines is a mineral exploration and development company based in Timmins, Ont.
Brokered placement
| Issuer: | Liberty Mines Inc.
|
| Issue: | Flow-through shares and units of one share and one half-share warrant
|
| Amount: | C$8,041,590
|
| Agent: | Salman Partners Inc.
|
| Pricing date: | Jan. 18
|
| Settlement date: | Feb. 8
|
| Stock symbol: | TSX Venture: LBE
|
| Stock price: | C$2.50 at close Jan. 17
|
| Stock price: | C$2.70 at close Feb. 7
|
|
|
| Flow-through shares
|
| Shares: | 1,311,700
|
| Price: | C$2.70
|
| Warrants: | No
|
|
|
| Units
|
| Units: | 1.8 million
|
| Price: | C$2.50
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$2.80
|
|
|
| Non-brokered placement
|
| Issuer: | Liberty Mines Inc.
|
| Issue: | Flow-through shares and units of one share and one half-share warrant
|
| Amount: | C$2,599,870
|
| Agent: | Non-brokered
|
| Pricing date: | Jan. 18
|
| Settlement date: | Feb. 8
|
| Stock symbol: | TSX Venture: LBE
|
| Stock price: | C$2.50 at close Jan. 17
|
| Stock price: | C$2.70 at close Feb. 7
|
|
|
| Flow-through shares
|
| Shares: | 407,600
|
| Price: | C$2.70
|
| Warrants: | No
|
|
|
| Units
|
| Units: | 599,740
|
| Price: | C$2.50
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$2.80
|
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