By Sheri Kasprzak
New York, June 6 - Nord Resources Corp. completed a private placement of special warrants for $23,000,025.
The company sold 30,666,700 special warrants at $0.75 each.
The special warrants are units of one share and one half-share warrant once the company files and obtains a receipt for a Canadian non-offering prospectus to qualify the issuance of the shares and warrants in Canada. The company must also file a registration statement with the U.S. Securities and Exchange Commission before the special warrants will be exchanged.
The whole warrants are exercisable at $1.10 each for five years.
Proceeds will be used for the reactivation of the company's Johnson Camp Mine, the repayment of debt and for general corporate purposes.
Based in Tucson, Nord is a mineral exploration company.
| Issuer: | Nord Resources Corp.
|
| Issue: | Special warrants exchangeable for units of one share and one half-share warrant
|
| Amount: | $23,000,025
|
| Special warrants: | 30,666,700
|
| Price: | $0.75
|
| Warrants: | For one half-share per unit upon exchange
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $1.10
|
| Settlement date: | June 6
|
| Stock symbol: | Pink Sheets: NRDS
|
| Stock price: | $0.78 at close June 6
|
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