By Sheri Kasprzak
Atlanta, March 21 - Mercator Minerals Ltd. said it plans to raise C$10 million in a private placement.
The deal includes 13,333,333 units at C$0.75 each.
The units are comprised of one share and one half-share warrant. The full warrants allow for an additional share at C$1.00 each for 18 months.
The expiry of the warrants may be accelerated to 20 days if Mercator's stock closes higher than C$1.50 for 20 consecutive trading days.
Placement agents Jennings Capital Inc. and Acumen Capital Finance Partners Ltd. also have a greenshoe in the deal for up to 4 million additional units for up to C$3 million in extra proceeds.
Based in Vancouver, B.C., Mercator is a copper mining company. It plans to use the proceeds from the deal for debt repayment, a feasibility study for the development of a milling operation and for working capital.
| Issuer: | Mercator Minerals Ltd.
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| Issue: | Units of one share and one half-share warrant
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| Amount: | C$10 million
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| Units: | 13,333,333
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| Greenshoe: | For up to 4 million units
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| Price: | C$0.75
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| Warrants: | One half-share warrant per unit
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| Warrant expiration: | 18 months
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| Warrant strike price: | C$1.00
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| Placement agents: | Jennings Capital Inc. (lead); Acumen Capital Finance Partners Ltd.
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| Pricing date: | March 21
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| Stock price: | C$0.85 at close March 18
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