Offering will fund exploration, working capital, corporate overhead
By Devika Patel
Knoxville, Tenn., Aug. 9 – Minsud Resources Corp. said it arranged a C$1.5 million non-brokered private placement of units.
The company will sell 15 million units of one common share and one warrant at C$0.10 per unit.
Each warrant is exercisable at C$0.15 for two years. The strike price reflects a 150% premium to the Aug. 8 closing share price of C$0.06.
Proceeds will be used to continue exploring the copper, molybdenum, silver and gold deposit at the Chita porphyry, as well as for working capital and corporate overhead requirements.
The Toronto company explores for precious and base metals.
| Issuer: | Minsud Resources Corp.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | C$1.5 million
|
| Units: | 15 million
|
| Price: | C$0.10
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.15
|
| Agent: | Non-brokered
|
| Pricing date: | Aug. 9
|
| Stock symbol: | TSX Venture: MSR
|
| Stock price: | C$0.06 at close Aug. 8
|
| Market capitalization: | C$5.21 million
|
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