By Sheri Kasprzak
New York, Dec. 13 - Northern Energy & Mining Inc. said it intends to raise C$6,003,000 in a private placement.
The company plans to sell 2 million class A flow-through shares at C$1.50 each and 2.31 million units at C$1.30 each.
The units are comprised of one share and one half-share warrant. The whole warrants are exercisable at C$1.85 each for 18 months.
Quest Securities Corp., the placement agent, has an over-allotment option for up to 3,076,923 additional units.
Proceeds will be used for exploration on the company's properties and for the development of the Trend Full mine. The remainder will be used for working capital.
Based in Vancouver, B.C., Northern Energy is an oil and natural gas exploration company.
Issuer: | Northern Energy & Mining Inc.
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Issue: | Class A flow-through shares and units of one share and one half-share warrant
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Amount: | C$6,003,000
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Placement agent: | Quest Securities Corp.
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Pricing date: | Dec. 13
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Stock price: | C$1.21 at close Dec. 13
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Flow-through shares
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Shares: | 2 million
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Price: | C$1.50
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Warrants: | No
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Units
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Units: | 2.31 million
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Price: | C$1.30
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Warrants: | One half-share warrant per unit
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Warrant expiration: | 18 months
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Warrant strike price: | C$1.85
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