Proceeds used for upgrades at the New Jersey Mill, property payments
By Devika Patel
Knoxville, Tenn., Aug. 14 – New Jersey Mining Co. said it completed a $1.2 million private placement of units. The deal was conducted by GVC Capital LLC.
The company sold 6 million units of two common shares and one warrant at $0.20 per unit.
Each warrant is exercisable at $0.20 for three years. The strike price is a 100% premium to $0.10, the Aug. 13 closing share price.
Proceeds will be used for upgrades at the New Jersey Mill, property payments and acquisitions, and for working capital and general corporate purposes.
The gold and silver exploration company is based in Kellogg, Idaho.
| Issuer: | New Jersey Mining Co.
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| Issue: | Units of two common shares and one warrant
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| Amount: | $1.2 million
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| Units: | 6 million
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| Price: | $0.20
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| Warrants: | One warrant per unit
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| Warrant expiration: | Three years
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| Warrant strike price: | $0.20
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| Agent: | GVC Capital LLC
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| Settlement date: | Aug. 14
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| Stock symbol: | OTCBB: NJMC
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| Stock price: | $0.10 at close Aug. 13
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| Market capitalization: | $7.74 million
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