By Sheri Kasprzak
New York, March 6 - Macmin Silver Ltd. said it entered into agreements with institutional and professional investors to close an A$6 million private placement.
The offering includes 16,666,667 units at A$0.36 each.
The units consist of one share and one half-share warrant. The terms of the warrants could not be determined Monday.
Funds from the deal will be used for the development of the Twin Hills silver mine, where production is slated to start in the middle of the year.
Based in Queensland, Australia, Macmin is a silver exploration company.
| Issuer: | Macmin Silver Ltd.
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| Issue: | Units of one share and one half-share warrant
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| Amount: | A$6 million
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| Units: | 16,666,667
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| Price: | A$0.36
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| Warrants: | One half-share warrant per unit
|
| Announcement date: | March 6
|
| Stock symbol: | Australia: MMN
|
| Stock price: | A$0.40 at close March 6
|
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