SGR selling out to the Pimps!Didn't take M K long to raise their cash....12 million raised in a week! ABOVE MARKET !
Once Marg gets CMM up to $2.50 - $3.00 maybe she comes back with cash and punts the dead wood out of SGR....LOL
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Century Mining to buy Mina Rosario mine in Peru
2007-05-07 11:34 ET - News Release
Ms. Margaret Kent reports
CENTURY MINING TO PURCHASE OPERATING MINE IN PERU AND ANNOUNCES PRIVATE PLACEMENT
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The company also announced a non-brokered private placement of units raising up to $12-million. Each unit is priced at 89 cents and consists of one share plus one-quarter share purchase warrant exercisable at $1.17 for a period of 24 months. After 12 months the warrants will become exercisable within 20 days if the 20-day weighted average closing share price exceeds $1.25. The shares will be subject to restrictions on resale for four months. A large portion of the placement will be taken down by a significant European mining group.
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Century Mining adds $12-million to its coffers
2007-05-15 12:41 ET - News Release
Ms. Margaret Kent reports
WEGA MINING INVESTS IN CENTURY
Wega Mining ASA has made an equity investment of $12-million in Century Mining Corp. Under the terms of the transaction, Wega Mining acquired 13,483,146 units at a purchase price of 89 cents per unit. Each unit consists of one common share and one-quarter of one common share purchase warrant. The share purchase warrants will entitle the holder to acquire one Century common share at a price of $1.17 per share at any time on or before May 10, 2009.
In accordance with TSX Venture Exchange regulations, the issued shares are subject to a four-month hold period. Resale of the shares is restricted until Sept. 10, 2007.
After the transaction, Wega Mining owns 19,301,646 shares in Century, representing 14.1 per cent of the issued and outstanding Century common shares. Upon exercise of the warrants, Wega Mining would own 22,672,322 common shares, representing 14.4 per cent on a fully diluted basis.
During a period beginning May 10, 2008, and ending at the warrants' expiry date, Century may require the warrantholder to exercise its warrants, provided the value of Century shares exceed $1.25 for 20 consecutive trading days.
Wega Mining has acquired the Century securities for investment purposes. Wega Mining's investment will be reviewed on a continuing basis and its holdings may be increased or decreased in the future.
The companies have also agreed that, until May 10, 2009, Wega Mining will not increase its direct and indirect share of outstanding shares in Century above 19.9 per cent without the approval of the board of directors of Century.
Lars Marius Furu, chief executive officer of Wega Mining, said: "We are pleased to make this arrangement with Century Mining. Century's current operations are making good progress and there is considerable value to unlock. We are also excited about the company's growth opportunities in Peru, for which the main proceeds from this placement will be used."
Margaret Kent, president and CEO of Century Mining, said: "We are pleased to have Wega Mining as a significant shareholder. The relationship will give Century increased exposure to the European mining community, new institutional investors and sources of capital to increase shareholder value. We also plan to visit Norway for a road show in June as part of the company's ongoing investor relations activities."
Wega Mining ASA is an Oslo-based international mining company focused on exploring, developing and operating gold, copper and zinc deposits. The company currently holds exploration licences in Guinea, Canada, Portugal, Ecuador, Romania and Norway, and a gold-copper development project in Canada. It trades on Oslo Axess, an exchange regulated by the Oslo Stock Exchange, under the ticker WEMI. Further information can be accessed at the company's website.