By Sheri Kasprzak
New York, Oct. 21 - Mines Management Inc. said it has completed a private placement for $6.1 million.
The company sold 1,016,667 units at $6.00 each.
The units include one share and one half-share warrant. The whole warrants are exercisable at $8.25 each for five years.
The Shemano Group Inc. was the placement agent.
Proceeds will be used to advance its Montanore silver-copper project. The rest will be used for working capital.
Based in Spokane, Wash., Mines Management is a silver exploration and development company.
| Issuer: | Mines Management Inc.
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| Issue: | Units of one share and one half-share warrant
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| Amount: | $6.1 million
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| Units: | 1,016,667
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| Price: | $6.00
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| Warrants: | One half-share warrant per unit
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| Warrant expiration: | Five years
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| Warrant strike price: | $8.25
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| Placement agent: | The Shemano Group Inc.
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| Settlement date: | Oct. 21
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| Stock price: | $6.78 at close Oct. 21
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