By Devika Patel
Knoxville, Tenn., Oct. 28 - Nord Resources Corp. said it will raise $12 million in a private placement of units via agent Salman Partners Inc.
The company plans to sell 40 million units of one common share and one warrant at $0.30 apiece. Each warrant is exercisable at $0.38 until June 5, 2012.
Proceeds will be used for debt repayment, improvements and working capital.
Based in Tucson, Nord is a mineral exploration company.
| Issuer: | Nord Resources Corp.
|
| Issue: | Units of one share and one warrant
|
| Amount: | $12 million
|
| Units: | 40 million
|
| Price: | $0.30
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | June 5, 2012
|
| Warrant strike price: | $0.38
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| Agent: | Salman Partners Inc.
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| Pricing date: | Oct. 28
|
| Stock symbol: | OTCBB: NRDS
|
| Stock price: | $0.399 at close on Oct. 28
|
| Market capitalization: | $27.8 million
|
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