|
| Home : Elgin Mining Announces Private Placement Offering and Bridge Loan Facility |
|
Aug 27
2013 |
Elgin Mining Announces Private Placement Offering and Bridge Loan Facility |
|
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Aug. 27, 2013) - Elgin Mining Inc. ("Elgin Mining" or the "Company") (TSX:ELG)(TSX:ELG.WT) today announced an offering of up to 24,600,000 units of Elgin Mining ("Units") at a price of $0.12 per Unit for aggregate gross proceeds of up to $2,952,000 (the "Offering"). Each Unit consists of one common share of Elgin Mining (a "Common Share") and one-half of one warrant (a "Warrant"). Each whole warrant is exercisable into one Common Share at a price of $0.20 for a period of two years from the date of issuance. Of the Offering, $2.0 million will be purchased by a single strategic investor and a further $590,000 by Resolute Funds Limited, the Company's largest shareholder. All securities issued will be subject to a four month hold period. The expiry date of the warrants may be accelerated by the Company if the shares of the Company trade at $0.30 or greater for 20 consecutive trading days. The proceeds will be used for working capital and general and administrative purposes. |
|
|
|
| Source:http://www.marketwire.com/mw/release.do?id=1824709&sourceType=3 |
| |
|
Related News
|
» The Mint Corporation Announces Private Placement
» Uranerz Announces US$10 Million Bought Deal Financing
|
|
|
