By Sheri Kasprzak
New York, May 1 - Tumi Resources Ltd. has closed the brokered portion of its previously announced PIPE for C$2.17 million.
The company sold 3.5 million units at C$0.62 each.
The units consist of one share and one half-share warrant with each whole warrant exercisable at C$0.80 through April 28, 2008.
The expiry of the warrants may be accelerated to 30 days if the company's stock trades above C$1.25 for more than 20 consecutive trading days.
Bolder Investment Partners, Ltd. was the placement agent.
The non-brokered portion of the deal, for 3.1 million units, is expected to close in the coming days.
The deal priced April 6 as a C$4,092,000 offering of up to 6.6 million units.
Proceeds will be used for exploration on the company's properties in Mexico and Sweden and for working capital.
Headquartered in Vancouver, B.C., Tumi is a mineral exploration company.
| Issuer: | Tumi Resources Ltd.
|
| Issue: | Units of one share and one half-share warrant
|
| Amount: | C$2.17 million
|
| Units: | 3.5 million
|
| Price: | C$0.62
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.80
|
| Placement agent: | Bolder Investment Partners, Ltd. (for 3.5 million units)
|
| Pricing date: | April 6
|
| Settlement date: | May 1
|
| Stock symbol: | TSX Venture: TM
|
| Stock price: | C$0.73 at close April 6
|
| Stock price: | C$0.78 at close May 1
|
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