By Sheri Kasprzak
New York, Dec. 13 - Twin Mining Corp. said it priced a C$4.32 million private placement and signed a letter of intent to conduct a second offering for C$8.78 million.
In the C$4.32 million offering, Jipangu Inc. will buy 36 million shares at C$0.12 each on Dec. 20.
In the second deal, Jipangu will buy 63,854,545 units at C$0.1375 each.
The units are comprised of one share and one warrant for 0.8 of a share. The whole warrants are exercisable at C$0.17 each for two years.
The second offering is expected to close in April.
Proceeds from both deals will be used for development and construction at the company's Atlanta gold project in Idaho. The rest will be used for working capital.
Toronto-based Twin is a gold and diamond exploration company.
| Issuer: | Twin Mining Corp.
|
| Issue: | Stock
|
| Amount: | C$4.32 million
|
| Shares: | 36 million
|
| Price: | C$0.12
|
| Warrants: | No
|
| Investor: | Jipangu Inc.
|
| Pricing date: | Dec. 13
|
| Settlement date: | Dec. 20
|
| Stock price: | C$0.11 at close Dec. 13
|
|
|
| Issuer: | Twin Mining Corp.
|
| Issue: | Units of one share and one warrant for 0.8 of a share
|
| Amount: | C$8.78 million
|
| Units: | 63,854,545
|
| Price: | C$0.1375
|
| Warrants: | One warrant for 0.8 of a share
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.17
|
| Investor: | Jipangu Inc.
|
| Pricing date: | Dec. 13
|
| Settlement date: | April 4
|
| Stock price: | C$0.11 at close Dec. 13
|
|
|
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