By Sheri Kasprzak
New York, Dec. 1 - New Millennium Capital Corp. said it has settled the last tranche of its private placement for C$1,945,000, bringing to C$7 million the total proceeds raised in the deal.
In the second and final tranche, the company issued 3.89 million units at C$0.50 each.
The units are comprised of one share and one half-share warrant. The whole warrants are exercisable at C$0.75 each for two years.
In the first tranche, settled on Oct. 6, the company issued 8 million flow-through shares at C$0.50 each and 2.11 million units at C$0.50 each. The units were sold under the same terms.
Investpro Services Inc. and Raymond James Ltd. were the placement agents.
Proceeds will be used for drilling on the company's LabMag iron ore project and for working capital.
Calgary, Alta.-based New Millennium is an iron ore development and exploration company.
| Issuer: | New Millennium Capital Corp.
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| Issue: | Units of one share and one half-share warrant
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| Amount: | C$1,945,000
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| Units: | 3.89 million
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| Price: | C$0.50
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| Warrants: | One half-share warrant per unit
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| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.75
|
| Settlement date: | Dec. 1
|
| Stock price: | C$0.60 at close Dec. 1
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