By Laura Lutz
Des Moines, Aug. 23 - New Millennium Capital Corp. completed an upsized private placement for C$11,100,500.
The company issued 10,800,000 special warrants at C$0.75 each and 3.53 million flow-through special warrants at C$0.84 each.
The non flow-through special warrants are exchangeable for units of one share and one half-share warrant. The whole warrants are exercisable at C$1.00 each for two years.
The flow-through special warrants are exchangeable for one flow-through share.
Raymond James Ltd. and Research Capital Corp. were the placement agents.
The deal priced as a C$10 million offering of up to 9,333,333 special warrants at C$0.75 each and 3,529,411 flow-through special warrants on July 28.
Proceeds from the units will be used for working capital and for the costs of a feasibility study of the company's LabMag project. The proceeds from the flow-through shares will be used for exploration on the company's Canadian properties, including LabMag.
Based in Calgary, Alta., New Millennium is an iron ore exploration company.
| Issuer: | New Millennium Capital Corp.
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| Issue: | Special warrants exchangeable for units of one share and one half-share warrant and special warrants exchangeable for flow-through shares
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| Amount: | C$11,100,500
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| Pricing date: | July 28
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| Settlement date: | Aug. 23
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| Stock symbol: | TSX Venture: NML
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| Stock price: | C$0.79 at close Aug. 23
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| Special warrants exchangeable for units
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| Special warrants: | 10,800,000
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| Price: | C$0.75
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| Warrants: | One half per unit
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| Warrant expiration: | Two years
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| Warrant strike price: | C$1.00
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| Flow-through special warrants
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| Special warrants: | 3.53 million
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| Price: | C$0.84
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