By Devika Patel
Knoxville, Tenn., Jan. 26 - Northern Abitibi Mining Corp. said it has arranged a C$1.25 million non-brokered private placement of units.
The company will sell 4.15 million flow-through units of one flow-through common share and a half-share warrant at C$0.16 apiece. It also will sell 3,906,667 units of one common share and a warrant at C$0.15 apiece.
Each whole warrant is exercisable at C$0.22 for two years.
Proceeds will be used for exploration and general working capital.
The mineral explorer is based in Calgary, Alta.
| Issuer: | Northern Abitibi Mining Corp.
|
| Issue: | Flow-through units of one flow-through common share and a half-share warrant, units of one common share and a warrant
|
| Amount: | C$1.25 million
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.22
|
| Agent: | Non-brokered
|
| Pricing date: | Jan. 26
|
| Stock symbol: | TSX Venture: NAI
|
| Stock price: | C$0.15 at close Jan. 25
|
| Market capitalization: | C$9.91 million
|
|
|
| Flow-through units
|
| Amount: | C$664,000
|
| Units: | 4.15 million
|
| Price: | C$0.16
|
| Warrants: | One half-share warrant per unit
|
|
|
| Units
|
| Amount: | C$586,000
|
| Units: | 3,906,667
|
| Price: | C$0.15
|
| Warrants: | One warrant per unit
|
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