Company sells 27.2 million units with full warrants at C$0.05 per unit
By Devika Patel
Knoxville, Tenn., Nov. 17 – Magellan Minerals Ltd. said it settled a C$997,439 initial tranche of a non-brokered private placement of units and increased the offering yet again, this time to C$1.36 million. The deal priced on Aug. 4 and was increased to C$1.1 million from C$500,000 on Nov. 2.
The company is now selling 27.2 million units of one common share and one warrant at C$0.05 per unit. It sold 19,948,776 units in the first tranche.
Each warrant is exercisable at C$0.10 for 18 months. The strike price reflects a 66.67% premium to the July 31 closing share price of C$0.06.
Proceeds will be used for 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 one warrant
|
| Amount: | C$1.36 million
|
| Units: | 27.2 million
|
| Price: | C$0.05
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | 18 months
|
| Warrant strike price: | C$0.10
|
| Agent: | Non-brokered
|
| Pricing date: | Aug. 4
|
| Upsized: | Nov. 2, Nov. 17
|
| Settlement date: | Nov. 17 (for C$997,439)
|
| Stock symbol: | TSX Venture: MNM
|
| Stock price: | C$0.06 at close July 31
|
| Market capitalization: | C$10.72 million
|
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