Non-brokered offering to finance exploration and corporate expenses
By Devika Patel
Knoxville, Tenn., March 29 - MacDonald Mines Exploration Ltd. said it raised C$1.04 million in the initial tranche of a C$4.1 million non-brokered private placement of stock. The deal priced on March 20.
The company is selling flow-through common shares at C$0.12 apiece and common shares at C$0.11 apiece. The prices per share are 20% and 10% premiums, respectively, to C$0.10, the March 19 closing share price.
In the first tranche, MacDonald sold 8,658,335 flow-through shares.
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: | Flow-through common shares, common shares
|
| Amount: | C$4.1 million
|
| Warrants: | No
|
| Agent: | Non-brokered
|
| Pricing date: | March 20
|
| Settlement date: | March 29 (for C$1,039,000)
|
| Stock symbol: | TSX Venture: BMK
|
| Stock price: | C$0.10 at close March 19
|
| Market capitalization: | C$29.76 million
|
|
|
| Flow-through stock
|
| Price: | C$0.12
|
|
|
| Common stock
|
| Price: | C$0.11
|
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