By Sheri Kasprzak
New York, March 29 - MacDonald Mines Exploration Ltd. said it has organized two private placements - one a brokered deal and the other a non-brokered deal - totaling C$1.27 million.
The brokered deal, which is being sold through Dundee Securities Corp., includes up to 6.25 million flow-through units at C$0.12 each and up to 2 million non flow-through units at C$0.11 each.
The flow-through units are comprised of one share and one half-share warrant. Each whole warrant is exercisable at C$0.18 for two years.
The non flow-through units include one share and one warrant with each warrant exercisable at C$0.15 for two years.
In the non-brokered offering, MacDonald plans to sell up to 2.5 million flow-through units at C$0.12 each with each unit comprised of one share and one half-share warrant.
The full warrants are exercisable at C$0.18 for two years.
Proceeds will be used for exploration on the company's James Bay properties and for working capital and general corporate purposes.
Separately, MacDonald said it has begun drilling operations at the McNugget property in the James Bay lowland region of Ontario.
Toronto-based MacDonald is a mineral exploration company.
Brokered offering
| Issuer: | MacDonald Mines Exploration Ltd.
|
| Issue: | Flow-through and non flow-through units
|
| Amount: | C$970,000
|
| Placement agent: | Dundee Securities Corp.
|
| Pricing date: | March 28
|
| Stock symbol: | Toronto: BMK
|
| Stock price: | C$0.135 at close March 28
|
|
|
| Flow-through units
|
| Issue: | Units of one share and one half-share warrant
|
| Units: | 6.25 million
|
| Price: | C$0.12
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.18
|
|
|
| Non flow-through units
|
| Issue: | Units of one share and one warrant
|
| Units: | 2 million
|
| Price: | C$0.11
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.15
|
|
|
| Non-brokered offering
|
| Issuer: | MacDonald Mines Exploration Ltd.
|
| Issue: | Flow-through units of one share and one half-share warrant
|
| Amount: | C$300,000
|
| Units: | 2.5 million
|
| Price: | C$0.12
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.18
|
| Placement agent: | Non-brokered
|
| Pricing date: | March 28
|
| Stock symbol: | Toronto: BMK
|
| Stock price: | C$0.135 at close March 28
|
|
|
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