Non-brokered offering funds drilling program, general working capital
By Devika Patel
Knoxville, Tenn., Aug. 20 – Minsud Resources Corp. said it raised C$1.31 million in the initial tranche of a C$2 million non-brokered private placement of units. The deal priced on Aug. 13.
The company is selling 20 million units of one common share and one warrant at C$0.10 per unit. It sold 13,124,775 units in the first tranche.
Each warrant is exercisable at C$0.35 for two years, with the first-tranche warrants expiring on Aug. 20, 2017. The strike price reflects a 288.89% premium to the Aug. 12 closing share price of C$0.09.
Companía de Tierras Sud Argentino SA bought 3.6 million units for C$360,000.
Proceeds will be used for a drilling program, working capital and corporate overhead requirements.
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$2 million
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| Units: | 20 million
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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, Aug. 20, 2017
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| Warrant strike price: | C$0.35
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| Agent: | Non-brokered
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| Investor: | Companía de Tierras Sud Argentino SA (for C$360,000)
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| Pricing date: | Aug. 13
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| Settlement date: | Aug. 20 (for $1,312,478)
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| Stock symbol: | TSX Venture: MSR
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| Stock price: | C$0.09 at close Aug. 12
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| Market capitalization: | C$5.53 million
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