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| Home : Southeast Asia Mining Closes $3.4 Million Private Placement |
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Oct 14
2011 |
Southeast Asia Mining Closes $3.4 Million Private Placement |
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TORONTO, ONTARIO--(Marketwire - Oct. 13, 2011) - Southeast Asia Mining Corp. (the "Company") announces that the Company has closed its previously announced non-brokered private placement announced on August 11, 2011. The Company raised a total of $2,511,138 in cash in the private placement and converted $922,480 in outstanding payables through the issuance of 137,344,697 units, of which 36,899,197 units were issued on conversion of outstanding accounts payable which included 27,200,000 units for amounts converted by directors and officers of the Company. Each unit was priced at $0.025 and comprised one common share and one half of one common share purchase warrant with each full warrant exercisable at $0.035 for a period of 36 months. The securities issued on closing are subject to a four-month hold period and the private placement is subject to regulatory approvals. Finder's fees of $171,230 were paid to certain parties at the discretion of the Company. The net proceeds of the Offering will be used for exploration work on the Company's properties in Thailand and for general working capital purposes. |
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| Source:http://www.marketwire.com/mw/release.do?id=1573104&sourceType=3 |
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