Funds expand production at Mollehuaca plant, used for working capital
By Devika Patel
Knoxville, Tenn., July 6 – Montan Mining Corp. said it settled a C$530,600 initial tranche of a C$3 million brokered private placement of units. Marquest Capital Markets is the lead manager for the deal, which priced June 11.
The company is selling units of one common share and a half-share warrant at C$0.18 per unit. Each whole two-year warrant is exercisable at C$0.25, a 25% premium to the June 10 closing share price of C$0.20.
Montan sold 2,947,778 units in the first tranche.
Proceeds will be used to expand production at the Mollehuaca plant and for working capital purposes.
The metals explorer is based in Vancouver, B.C.
| Issuer: | Montan Mining Corp.
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| Issue: | Units of one common share and a half-share warrant
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| Amount: | C$3 million
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| Price: | C$0.18
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| Warrants: | One half-share warrant per unit
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| Warrant expiration: | Two years
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| Warrant strike price: | C$0.25
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| Manager: | Marquest Capital Markets (lead)
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| Pricing date: | June 11
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| Settlement date: | July 6 (for C$530,600)
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| Stock symbol: | TSX Venture: MNY
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| Stock price: | C$0.20 at close June 10
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| Market capitalization: | C$3.14 million
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