By Laura Lutz
Des Moines, March 3 - Nilam Resources Inc. arranged a private placement of non-brokered units for $1.5 million.
The company plans to sell 789,473 units of one share and one warrant at $1.90 per unit. Each warrant will be exercisable at $2.00 for 18 months.
Proceeds will be used to expand production at the company's Pativilca mine, to purchase equipment, to hire more labor and to implement its business strategy.
Nilam is a Toronto-based gold production company.
| Issuer: | Nilam Resources Inc.
|
| Issue: | Units of one share and one warrant
|
| Amount: | $1.5 million
|
| Units: | 789,473
|
| Price: | $1.90
|
| Warrants: | One per unit
|
| Warrant expiration: | 18 months
|
| Warrant strike price: | $2.00
|
| Agent: | Non-brokered
|
| Pricing date: | March 3
|
| Stock symbol: | OTCBB: NILR
|
| Stock price: | $1.82 at close Feb. 29
|
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