Non-brokered deal funds work on company's properties, working capital
By Devika Patel
Knoxville, Tenn., Nov. 6 - New Destiny Mining Corp. said it has cancelled plans for a C$1 million non-brokered private placement of units and will instead raise C$500,000 in a newly priced units placement. The C$1 million deal priced on Oct. 12.
The company will now sell 10 million units of one common share and one warrant at C$0.05 per unit, with each warrant exercisable at C$0.15 for one year. The strike price is a 114.29% premium to C$0.07, the Nov. 5 closing share price.
Proceeds will be used for work on the company's mineral properties and for general working capital.
The copper and gold producer is based in Vancouver, B.C.
Issuer: | New Destiny Mining Corp.
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Issue: | Units of one common share and one warrant
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Amount: | C$500,000
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Units: | 10 million
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Price: | C$0.05
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Warrants: | One warrant per unit
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Warrant expiration: | One year
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Warrant strike price: | C$0.20
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Agent: | Non-brokered
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Pricing date: | Nov. 6
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Stock symbol: | TSX Venture: NED
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Stock price: | C$0.07 at close Nov. 5
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Market capitalization: | C$843,160
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