Non-brokered deal finances diamond drilling at the Chita South target
By Toni Weeks
San Luis Obispo, Calif., Aug. 28 – Minsud Resources Corp. said it raised $961,733 in a non-brokered private placement of units. The offering priced on Aug. 15 for C$1.1 million.
The company sold 9,617,334 units of one common share and one warrant at C$0.10 per unit. The warrants are each exercisable at C$0.35 for two years. The strike price reflects a 400% premium to the Aug. 14 closing share price of C$0.07.
Compania de Tierras Sud Argentino SA invested C$291,200.
Proceeds will be used for a diamond drilling program at the Chita South porphyry target, option payments relating to the company’s material properties and general working capital purposes.
The Toronto company explores for precious and base metals.
Issuer: | Minsud Resources Corp.
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Issue: | Units of one common share and one warrant
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Amount: | C$961,733.40
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Units: | 9,617,334
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Price: | C$0.10
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Warrants: | One warrant per unit
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Warrant expiration: | Two years
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Warrant strike price: | C$0.35
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Agent: | Non-brokered
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Investor: | Compania de Tierras Sud Argentino SA (for C$291,200)
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Pricing date: | Aug. 15
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Settlement date: | Aug. 28
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Stock symbol: | TSX Venture: MSR
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Stock price: | C$0.07 at close Aug. 14
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Market capitalization: | C$3.08 million
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