By Sheri Kasprzak
Atlanta, Nov. 10 - RAB Special Situations LP said Wednesday it has subscribed for a total of C$1.4 million in Twin Mining Corp.'s private placement of units.
RAB bought 7 million units of one share and one warrant at C$0.20 per unit.
The warrants allow for the purchase of an additional share for two years at C$0.24.
Following the private placement, RAB owns 7 million shares and 7 million warrants for a total of about 11.35% of the issued and outstanding shares on a partially diluted basis, according to a statement from RAB.
Twin Mining's private placement took place in two tranches for a total of C$4.4 million. The first tranche closed Oct. 14, and the second closed Nov. 3.
RAB Special Situations is a London-based fund manager.
Based in Toronto, Twin Mining is a gold and diamond exploration company. It plans to use the proceeds from the financing for its Atlanta Gold Project in Idaho.
| Issuer: | Twin Mining Corp.
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| Issue: | Units of one share and one warrant
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| Amount: | C$1.4 million
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| Shares: | 7 million shares
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| Price: | C$0.20
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| Warrants: | For 7 million shares
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| Warrant expiration: | Two years
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| Warrant strike price: | C$0.24
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| Investors: | RAB Special Situations LP
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| Announcement date: | Nov. 10
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| Settlement date: | Nov. 3
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| Stock price: | C$0.18 at close Nov. 3
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| Stock price: | C$0.19 at close Nov. 9
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