By Devika Patel
Knoxville, Tenn., Sept. 28- Messina Minerals Inc. announced it has closed a previously announced C$7.14 million brokered private placement of flow-through shares and non flow-through units.
The company sold C$6.004 million in flow-through shares, or 6,320,000 shares, at C$0.95 each and C$1.136 million in units, or 1,420,000 units, at C$0.80 each.
As previously reported, the units consist of one non flow-through share and one half-share non flow-through warrant. Each whole warrant will be exercisable at C$1.10 for two years.
Orion Securities Inc. was the agent. Messina paid Orion a 6.5% cash commission and 503,100 compensation options, each of which is exercisable into one unit at C$0.80 for two years. These units will have the same terms as those sold in the offering.
Proceeds will be used for exploration and general corporate purposes.
Messina is a mineral exploration company based in Vancouver, B.C.
Issuer: | Messina Minerals Inc.
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Issue: | Flow-through shares and units of one non flow-through share and one half-share non flow-through warrant
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Amount: | C$7 million
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Agent: | Orion Securities Inc.
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Fees: | 6.5% in cash; 503,100 compensation options
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Pricing date: | Sept. 19
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Settlement date: | Sept. 28
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Stock symbol: | TSX Venture: MMI
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Stock price: | C$0.80 at close Sept. 18
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Shares
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Amount: | C$6.004 million
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Shares: | 6,320,000
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Price: | C$0.95
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Warrants: | No
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Units
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Amount: | C$1.136 million
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Units: | 1,420,000
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Price: | C$0.80
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Warrants: | One half-share warrant per unit
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Warrant expiration: | Two years
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Warrant strike price: | C$1.10
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