By Devika Patel
Knoxville, Tenn., Nov. 13 - NiCo Mining Ltd. said it will take in up to C$7.5 million from a private placement of units.
The company will sell 18.75 million units of one common share and two half-share warrants at C$0.40 apiece on a commercially reasonable efforts basis.
The whole class A warrants are exercisable at C$0.60 for one year.
The whole class B warrants are exercisable at C$1.00 for two years.
Becher McMahon Capital Markets Inc. is the agent.
Proceeds will be used to fund expenditures related to the acquisition and/or development of mineral properties, to pursue and complete strategic transactions and to fund working capital.
Based in Sudbury, Ont., NiCo Mining is a capital pool company.
Issuer: | NiCo Mining Ltd.
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Issue: | Units of one common share and two half-share warrants
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Amount: | C$7.5 million
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Units: | 18.75 million
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Price: | C$0.40
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Warrants: | Two half-share warrants per unit
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Warrant expiration: | One year (class A), two years (class B)
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Warrant strike price: | C$0.60 (class A), C$1.00 (class B)
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Agent: | Becher McMahon Capital Markets Inc.
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Pricing date: | Nov. 13
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Stock symbol: | TSX Venture: NCL
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Stock price: | C$0.28 at close Nov. 12
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