Proceeds used for gravity circuit, improvements at New Jersey Mill
By Devika Patel
Knoxville, Tenn., March 7 - New Jersey Mining Co. said it settled a $450,000 private placement of units. The deal was conducted by GVC Capital LLC.
The company sold 3 million units of two common shares and one warrant at $0.15 per unit.
Each warrant is exercisable at $0.15 for three years. The strike price is a 66.67% premium to $0.09, the March 6 closing share price.
Proceeds will be used to purchase and install a gravity circuit and make other improvements at the New Jersey Mill and for 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 two common shares and one warrant
|
| Amount: | $450,000
|
| Price: | $0.15
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Three years
|
| Warrant strike price: | $0.15
|
| Agent: | GVC Capital LLC
|
| Settlement date: | March 7
|
| Stock symbol: | OTCBB: NJMC
|
| Stock price: | $0.12 at close March 6
|
| Market capitalization: | $6.37 million
|
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