By Devika Patel
Knoxville, Tenn., Sept. 20 - Mindoro Resources Ltd. announced that it has raised C$3,953,700 in the first tranche of a previously announced private placement of units. It originally planned only to raise C$3.9 million in the deal but now plans to issue additional units due to increased demand.
The company sold 6,589,500 units at C$0.60 per unit. Each unit consists of one common share and one warrant. Each two-year warrant is exercisable at C$0.90 for one year and C$1.10 thereafter.
Mindoro will sell an additional 6,910,500 units in a second tranche, which is expected to close on or about Sept. 26.
The company paid C$209,874 and 209,874 finders warrants. Each finders warrant is exercisable into one common share at C$0.60 for two years.
The securities will have a four-month hold period.
Asian Lion Ltd. invested C$1,002,000, Lion Selection Ltd. invested C$500,010, Firebird Global Master Fund invested C$600,000 and RAB Capital invested C$1,980,000. Company insiders purchased 40,000 units.
Proceeds will be used for advancing Mindoro's projects in the Philippines.
Mindoro is a mineral exploration company based in Edmonton, Alta.
| Issuer: | Mindoro Resources Ltd.
|
| Issue: | Units of one share and one warrant
|
| Amount: | C$3,953,700
|
| Units: | 6,589,500
|
| Price: | C$0.60
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.90 in the first year; C$1.10 in the second year
|
| Investors: | Asian Lion Ltd. (for C$1,002,000); Lion Selection Ltd. (for C$500,010); Firebird Global Master Fund (for C$600,000) and RAB Capital (for C$1,980,000)
|
| Pricing date: | Aug. 29
|
| Stock symbol: | TSX Venture: MIO
|
| Stock price: | C$0.70 at close Aug. 28
|
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