By Sheri Kasprzak
New York, March 24 - New Millennium Capital Corp. said it has concluded a C$3 million PIPE.
The non-brokered deal included 4 million units of one share and one half-share warrant. The units priced at C$0.75 each.
The whole warrants allow for the purchase of one share at C$1.25 each for two years.
The expiry of the warrants will be accelerated to 30 days if the company's stock trades above C$1.75 for at least 10 consecutive trading days.
Proceeds will be used for environmental baseline studies on the company's 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.
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| Issue: | Units of one share and one half-share warrant
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| Amount: | C$3 million
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| Units: | 4 million
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| Price: | C$0.75
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| Warrants: | One half-share warrant per unit
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| Warrant expiration: | Two years
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| Warrant strike price: | C$1.25
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| Placement agent: | Non-brokered
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| Settlement date: | March 24
|
| Stock symbol: | TSX Venture: NML
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| Stock price: | C$0.67 at close March 24
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