Twin Mining negotiates C$5 million private placement

By Sheri Kasprzak

New York, March 28 - Twin Mining Corp. said it plans to raise C$5 million in a private placement of flow-through and non flow-through shares.

The pricing terms of the deal have not yet been determined.

M Partners Inc. is the placement agent for the deal, which will consist of shares from a spun-off subsidiary company Diamondco.

Of the proceeds, a minimum of C$1.5 million will be from non flow-through shares. The remainder of the shares will be flow-through.

Proceeds will be used for diamond exploration on the company's Baffin Island, Nunavut property and its Torngat property. The rest of the proceeds will be used for working capital.

Twin Mining terminated an C$8.78 million private placement on March 13. Under the terms of that deal, Jipangu Inc. had agreed to buy 63,854,545 units at C$0.1375 each.

Toronto-based Twin is a gold and diamond exploration company.

On Tuesday, Twin's stock slipped C$0.015 to close at C$0.125 (Toronto: TWG).

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.