By Sheri Kasprzak
New York, July 26 - Red Back Mining Inc. said it has completed a private placement for C$11.9 million, downsized from its previously announced C$13.6 million offering.
The company sold 7 million units at C$1.70 each.
The units consist of one share and one half-share warrant. The whole warrants allow for an additional share at C$2.00 each for two years.
Red Back first announced the non-brokered deal on July 11 as part of its drilling program on the Chirano gold project in Ghana, West Africa. The gold exploration company, based in Vancouver, B.C., had initially planned to sell 8 million units under the same terms.
| Issuer: | Red Back Mining Inc.
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| Issue: | Units of one share and one half-share warrant
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| Amount: | C$11.9 million
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| Units: | 7 million
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| Price: | C$1.70
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| Warrants: | One half-share warrant per unit
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| Warrant expiration: | Two years
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| Warrant strike price: | C$2.00
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| Pricing date: | July 11
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| Settlement date: | July 26
|
| Stock price: | C$1.68 at close July 11
|
| Stock price: | C$1.60 at close July 26
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