By Sheri Kasprzak
Atlanta, June 24 - Northern Energy & Mining Inc. said it plans to raise C$36 million in a private placement of units.
The offering includes up to 20 million units at C$1.80 each.
The units are comprised of one share and one half-share warrant. The whole warrants provide for an additional share at C$2.10 each for five years.
The deal is being placed through a syndicate of underwriters led by Salman Partners Inc. Those underwriters have an over-allotment option for up to C$14 million in additional units exercisable before closing.
The deal is scheduled to close July 14.
Based in Vancouver, B.C., Northern Energy is a coal exploration company. The proceeds will be used to accelerate the development and production of the company's Trend property.
| Issuer: | Northern Energy & Mining Inc.
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| Issue: | Units of one share and one half-share warrant
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| Amount: | C$36 million
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| Greenshoe: | For up to C$14 million
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| Units: | 20 million
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| Price: | C$1.80
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| Warrants: | One half-share warrant per unit
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| Warrant expiration: | Five years
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| Warrant strike price: | C$2.10
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| Underwriters: | Salman Partners Inc. (lead)
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| Pricing date: | June 24
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| Settlement date: | July 14
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| Stock price: | C$1.70 at close June 24
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