Proceeds expected to complete a feasibility study on Coringa project
By Devika Patel
Knoxville, Tenn., Dec. 13 - Magellan Minerals Ltd. said it has arranged a C$2 million non-brokered private placement of units.
The company will sell 6.67 million units of one common share and a half-share warrant at C$0.30 per unit.
Each whole warrant will be exercisable at C$0.50 for two years. The strike price reflects a 100% premium to the Dec. 12 closing share price of C$0.25.
Proceeds will be used to complete a feasibility study on Magellan's Coringa project, as well as for exploration at the Cuiu Cuiu project and Magellan's other projects and also general working capital.
The gold and bauxite explorer is based in Vancouver, B.C.
| Issuer: | Magellan Minerals Ltd.
|
| Issue: | Units of one common share and a half-share warrant
|
| Amount: | C$2,001,000
|
| Units: | 6.67 million
|
| Price: | C$0.30
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.50
|
| Agent: | Non-brokered
|
| Pricing date: | Dec. 13
|
| Stock symbol: | TSX Venture: MNM
|
| Stock price: | C$0.25 at close Dec. 12
|
| Market capitalization: | C$24.32 million
|
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