Proceeds of deal will be used for exploration, general working capital
By Devika Patel
Knoxville, Tenn., July 6 – TriMetals Mining Inc. said on Tuesday that it raised C$2.24 million in the first tranche of a private placement of units.
The company sold 8,945,000 units of one common share and a half-share warrant at C$0.25 per unit in the initial tranche.
Each whole warrant is exercisable at C$0.40 until July 5, 2019. The strike price is a 37.93% premium to the July 4 closing share price of C$0.29.
Settlement of the second tranche is expected July 11.
Proceeds will be used for exploration of the Gold Springs property and for general working capital purposes.
The precious metals explorer is based in Vancouver, B.C.
| Issuer: | TriMetals Mining Inc.
|
| Issue: | Units of one common share and a half-share warrant
|
| Amount: | C$2,236,250
|
| Units: | 8,945,000
|
| Price: | C$0.25
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | July 5, 2019
|
| Warrant strike price: | C$0.40
|
| Settlement dates: | July 5, July 11
|
| Stock symbol: | Toronto: TMI
|
| Stock price: | C$0.29 at close July 4
|
| Market capitalization: | C$40.77 million
|
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