By Sheri Kasprzak
New York, Dec. 5 - Newmex Minerals Inc. has upsized its previously announced private placement to C$16,763,500.
The company now plans to sell up to 5,158,000 units at C$3.25 each.
The units include one share and one half-share warrant. The whole warrants are exercisable at C$4.00 each for two years.
The expiry of the warrants will be accelerated to 30 days if the company's stock trades above C$4.50 for more than 20 consecutive trading days.
The offering was first announced Nov. 30 as a C$16.25 million offering of up to 5 million units under the same terms.
The deal is slated to close Dec. 9.
Proceeds will be used for acquiring oil and gas interests in the United States and for working capital.
Based in Calgary, Alta., Newmex is a mineral exploration company.
| Issuer: | Newmex Minerals Inc.
|
| Issue: | Units of one share and one half-share warrant
|
| Amount: | C$16,763,500
|
| Units: | 5,158,000
|
| Price: | C$3.25
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$4.00
|
| Pricing date: | Nov. 30
|
| Upsized: | Dec. 5
|
| Settlement date: | Dec. 9
|
| Stock price: | C$3.40 at close Nov. 30
|
| Stock price: | C$3.40 at close Dec. 5
|
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