By Devika Patel
Knoxville, Tenn., Nov. 5 - Mines Management, Inc. said it has closed a $10 million private placement of stock.
The company sold 2.5 million common shares at a $4.00 apiece to Silver Wheaton Corp.
Proceeds will be used for working capital and general corporate purposes.
Based in Spokane, Wash., Mines Management acquires, explores and develops mineral properties, primarily those containing silver and associated base and precious metals.
| Issuer: | Mines Management, Inc.
|
| Issue: | Common shares
|
| Amount: | $10 million
|
| Shares: | 2.5 million
|
| Price: | $4.00
|
| Warrants: | No
|
| Investor: | Silver Wheaton Corp.
|
| Settlement date: | Nov. 5
|
| Stock symbol: | Amex: MGN
|
| Stock price: | $4.10 at close Nov. 2
|
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