By Sheri Kasprzak
New York, Aug. 17 - Newmex Minerals Inc. said it has arranged a private placement for up to C$2.5 million.
The offering includes up to 2 million units at C$1.25 each.
The units are comprised of one share and one half-share warrant. The whole warrants allow for the purchase of an additional share at C$2.00 each for one year.
The expiry of the warrants may be accelerated to 15 days if the company's stock trades above C$2.50 per share for more than 20 consecutive trading days.
The deal is scheduled to close Sept. 7.
The proceeds will be used for costs associated with acquiring oil and gas interests in the United States. The remainder will be used for working capital.
Calgary, Alta.-based Newmex is a gold and mineral exploration company.
| Issuer: | Newmex Minerals Inc.
|
| Issue: | Units of one share and one half-share warrant
|
| Amount: | C$2.5 million
|
| Units: | 2 million
|
| Price: | C$1.25
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | One year
|
| Warrant strike price: | C$2.00
|
| Pricing date: | Aug. 17
|
| Settlement date: | Sept. 7
|
| Stock price: | C$1.50 at close Aug. 17
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
