Financing NewzExmin closes $117,546 financing
2008-12-03 11:54 ET - News Release
Mr. Karl Boltz reports
EXMIN PROVIDES CORPORATE UPDATES
Exmin Resources Inc. has provided an update to shareholders on recent developments.
Financing Activities
Exmin has engaged IBK Capital Corp. to secure significant capital financing to advance several of its most advanced projects and provide working capital for the company. Exmin has paid the total engagement working fees to IBK Capital to facilitate the preparation of marketing materials for its sophisticated and accredited investors. The financing will be on a best efforts basis. The IBK Capital financing has not yet been priced, hence the company has not yet applied for exchange approval.
As such, Exmin has curtailed its private placement announced on Oct. 1, 2008. The company accepted the participation received to date and closed the offering. The Company raised $117,546 through the issuance of 1,679,228 units at seven cents per unit. Each unit is comprised of one common share and one share purchase warrant, with each warrant entitling the holder to purchase one additional common share at a price of 10 cents per share for a period of two years from issuance. Of the warrants issued, 800,000 will expire on Oct. 10, 2010, 425,571 warrants will expire on Nov. 10, 2010, and the remaining 453,657 warrants on Dec. 2, 2010. As required by TSX Venture Exchange policies and securities law, the securities underlying the units issued have a hold period of four months from the date of issuance. The hold period expires as follows: for 800,000 units on Feb. 11, 2009, for 425,571 units on March 11, 2009, and for the remaining 453,657 units on April 3, 2009.