By Laura Lutz
Des Moines, Nov. 26 - Northern Star Mining Corp. closed a $16.8 million private placement of units and plans to sell another $1.03 million of units on Tuesday.
Each unit consists of $1,000 principal amount of transferable senior secured notes and warrants for 1,000 shares.
The warrants are exercisable at C$1.40 per share until Nov. 26, 2012.
The notes mature in two years and bear interest at 14% per year.
Casimir Capital LP is the lead agent.
Proceeds will be used for exploration and development and for working capital.
Northern Star is a mining company based in Vancouver, B.C.
Issuer: | Northern Star Mining Corp.
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Issue: | Units of $1,000 principal amount of transferable senior secured notes and warrants for 1,000 shares
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Amount: | $17.82 million
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Units: | 17,820
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Price: | $1,000
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Principal amount: | $1,000 per unit
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Maturity: | Two years
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Coupon: | 14%
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Price: | Par
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Yield: | 14%
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Warrants: | For 1,000 shares per unit
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Warrant expiration: | Nov. 26, 2012
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Warrant strike price: | C$1.40
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Agent: | Casimir Capital LP
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Settlement date: | Nov. 26 (for $16,795,000); Nov. 27 (for $1,025,000)
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Stock symbol: | TSX Venture: NSM
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Stock price: | C$0.85 at close Nov. 26
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