Offering funds debt service, mill upgrades, general corporate purposes
By Devika Patel
Knoxville, Tenn., Nov. 5 - New Jersey Mining Co. said it settled a $1.03 million private placement of units. The deal was conducted by Pennaluna & Co.
The company sold units of one common share and a half-share warrant at $0.05 per unit.
Each whole warrant is exercisable at $0.15 for 18 months. The strike price is a 66.67% premium to $0.09, the Nov. 4 closing share price.
Proceeds will be used for debt service, mill upgrades, working capital and general corporate purposes.
The gold and silver exploration company is based in Kellogg, Idaho.
| Issuer: | New Jersey Mining Co.
|
| Issue: | Units of one common share and a half-share warrant
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| Amount: | $1.03 million
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| Price: | $0.05
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| Warrants: | One half-share warrant per unit
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| Warrant expiration: | 18 months
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| Warrant strike price: | $0.15
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| Agent: | Pennaluna & Co.
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| Settlement date: | Nov. 5
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| Stock symbol: | OTCBB: NJMC
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| Stock price: | $0.09 at close Nov. 4
|
| Market capitalization: | $4.21 million
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