Mantra plans C$5 million private placement of subscription receipts

By Devika Patel

Knoxville, Tenn., Sept. 8 - Mantra Mining Inc. announced it will price a C$5 million private placement of subscription receipts.

The deal will be conducted by Canaccord Capital Corp.

The receipts will be exchanged, without further action or consideration, for units on a one to one basis on the date Mantra completes the acquisition of the Alaskan properties it plans to buy from Rio Tinto and NovaGold.

Each unit consists of one common share and one half-share warrant, which is exercisable for two years.

There will be a C$1 million greenshoe.

Proceeds will be used for exploration of the Alaskan mineral properties acquired in the acquisition, all related obligations and for general working capital purposes.

Based in Vancouver, B.C., Mantra is a mineral exploration company.

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