Deal consists of two types of units with 18-month attached warrants
By Devika Patel
Knoxville, Tenn., Nov. 26 - MacDonald Mines Exploration Ltd. said it settled a C$2.82 million private placement of units on Nov. 23. The deal was conducted on a best-efforts basis by a syndicate of agents led by Marquest Asset Management Inc. and including Secutor Capital Management and priced for C$2.7 million on Nov. 8.
The company sold non flow-through units of one common share and one half-share warrant at C$0.065 per unit and 3 million flow-through units of one flow-through common share and one half-share warrant at C$0.075 per unit.
The whole warrants are each exercisable at C$0.15 for 18 months. The strike price is a 114.29% premium to the Nov. 7 closing share price of C$0.07.
Proceeds will be used for exploration and general corporate expenses.
Toronto-based MacDonald is a mineral exploration company with a focus on nickel, chrome, copper, zinc, vanadium and titanium in the "Ring of Fire" area of the James Bay Lowlands of Northern Ontario.
| Issuer: | MacDonald Mines Exploration Ltd.
|
| Issue: | Non flow-through units of one common share and one half-share warrant, flow-through units of one flow-through common share and one half-share warrant
|
| Amount: | C$2,822,750
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | 18 months
|
| Warrant strike price: | C$0.15
|
| Agent: | Marquest Asset Management Inc. (lead), Secutor Capital Management
|
| Pricing date: | Nov. 8
|
| Settlement date: | Nov. 23
|
| Stock symbol: | TSX Venture: BMK
|
| Stock price: | C$0.07 at close Nov. 7
|
| Market capitalization: | C$14.03 million
|
|
|
| Non flow-through units
|
| Price: | C$0.065
|
|
|
| Flow-through units
|
| Price: | C$0.075
|
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