By Devika Patel
Knoxville, Tenn., Sept. 11 - Northern Star Mining Corp. said it raised another $8 million from a private placement of units. It raised a total of $42 million, which includes a $34 million tranche that settled on Aug. 14.
Each unit consists of a $1,000 two-year transferable senior secured note and 750 transferable warrants.
Each warrant is exercisable at C$1.20 until Aug. 13, 2013.
The notes carry a 14% coupon and mature in two years at 125% of par.
Casimir Capital LP was the lead agent.
Proceeds will be used to carry out further surface and underground exploration and development work on Northern Star's Midway-Malartic Gold Project in Quebec and for general working capital requirements.
Vancouver, B.C.-based Northern Star is a development/advanced exploration stage company engaged in the acquisition, exploration and development of mineral properties in Quebec.
| Issuer: | Northern Star Mining Corp.
|
| Issue: | Units of a $1,000 two-year transferable senior secured note and 750 transferable warrants
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| Amount: | $42 million
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| Units: | 42,000
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| Price: | $1,000
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| Warrants: | 750 warrants per unit
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| Warrant expiration: | Aug. 13, 2013
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| Warrant strike price: | C$1.20
|
| Agent: | Casimir Capital LP (lead)
|
| Settlement date: | Aug. 14 (for $34 million), Sept. 11 (for $8 million)
|
| Stock symbol: | TSX Venture: NSM
|
| Stock price: | C$0.70 at close Aug. 14
|
|
|
| Notes
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| Maturity: | Two years
|
| Coupon: | 14%
|
| Price: | Par
|
| Yield: | 14%, plus 25% at maturity
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