By Sheri Kasprzak
Atlanta, Dec. 1 - Vannessa Ventures Ltd. said Wednesday it will raise C$2 million in a private placement.
The non-brokered deal includes 6.25 million units at C$0.32 each. The units are comprised of one share and one warrant.
The warrants allow for an additional share at C$0.40 for two years.
Based in Calgary, Alta., Vannessa is a gold and diamond acquisition, exploration, development and mining company. It plans to use the proceeds from the deal for exploration and development work in Guyana and Costa Rica and for general working capital.
| Issuer: | Vannessa Ventures Ltd.
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| Issue: | Units of one share and one warrant
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| Amount: | C$2 million
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| Shares: | 6.25 million units
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| Price: | C$0.32
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| Warrants: | One warrant per unit
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| Warrant expiration: | Two years
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| Warrant strike price: | C$0.40
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| Announcement date: | Dec. 1
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| Stock price: | C$0.40 at close Dec. 1
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