By Sheri Kasprzak
New York, Sept. 8 - New Millennium Capital Corp. said it plans to raise up to C$7 million and at least C$3.5 million in a private placement.
The offering includes a combination of units and flow-through shares. The units are priced at C$0.50 each and the shares at C$0.50 each. There is a limit of C$4 million for the flow-through shares.
The units are comprised of one share and one half-share warrant. The whole warrants allow for the purchase of another share at C$0.75 each for two years.
Raymond James Ltd. and Investpro Securities Inc. are the placement agents for the deal, which is expected to close Oct. 15.
Proceeds will be used for drilling and bulk sampling at the LabMag iron ore project. The rest will be used for working capital.
Calgary, Alta.-based New Millennium is an iron ore development and exploration company.
| Issuer: | New Millennium Capital Corp.
|
| Issue: | Flow-through shares and units of one share and one half-share warrant
|
| Amount: | C$7 million (maximum); C$3.5 million (minimum)
|
| Placement agents: | Raymond James Ltd.; Investpro Securities Inc.
|
| Pricing date: | Sept. 8
|
| Settlement date: | Oct. 15
|
| Stock price: | C$0.55 at close Sept. 8
|
|
|
| Flow-through shares
|
| Price: | C$0.50
|
| Warrants: | No
|
|
|
| Units
|
| Price: | C$0.50
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.75
|
|
|
© 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.
