By Sheri Kasprzak
New York, Aug. 16 - Rubicon Minerals Corp. has closed a C$6,000,800 private placement of units, including the full exercise of the issue's over-allotment option.
The company sold 9,232,000 units at C$0.65 each. The amount includes C$3 million exercised by placement agent First Associates Investments Inc. through a greenshoe.
The units are comprised of one share and one half-share warrant. The whole warrants provide for the purchase of an additional share at C$0.85 each through Aug. 16, 2007.
The deal was first announced July 26, without details, as a C$3 million offering.
The proceeds will be used to fund the company's investment in Africo Resources Inc., for expenses related to its Nevada properties and for working capital.
Based in Vancouver, B.C., Rubicon is a mineral exploration company.
| Issuer: | Rubicon Minerals Corp.
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| Issue: | Units of one share and one half-share warrant
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| Amount: | C$6,000,800 (includes greenshoe for C$3 million)
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| Units: | 9,232,000
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| Price: | C$0.65
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| Warrants: | One half-share warrant per unit
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| Warrant expiration: | Aug. 16, 2007
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| Warrant strike price: | C$0.85
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| Placement agent: | First Associates Investments Inc.
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| Settlement date: | Aug. 16
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| Stock price: | C$0.67 at close Aug. 16
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