By Sheri Kasprzak
New York, July 22 - Minco Mining and Metals Corp. said it has raised C$2,875,000 in a non-brokered private placement of units.
The company sold 2.5 million units at C$1.15 each.
The units include one share and one warrant. The warrants allow for an additional share at C$1.50 each for the first year and C$2.00 each for the second year.
The expiry of the warrants may be accelerated 30 days if the company's stock trades above C$2.15 per share for 20 consecutive trading days after the mandatory four-month hold period.
The proceeds will be used for exploration, development and working capital.
Minco, based in Vancouver, B.C., is a mineral exploration company.
| Issuer: | Minco Mining and Metals Corp.
|
| Issue: | Units of one share and one warrant
|
| Amount: | C$2,875,000
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| Units: | 2.5 million
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| Price: | C$1.15
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Two years
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| Warrant strike price: | C$1.50 for the first year; C$2.00 for the second year
|
| Settlement date: | July 22
|
| Stock price: | C$1.18 at close July 22
|
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