MAD closes $4.68-million private placementHi everyone,
Miranda Gold closes $4.68-million private placement
2007-10-05 13:01 ET - News Release
Mr. Ken Cunningham reports
MIRANDA GOLD CORP. CLOSES PRIVATE PLACEMENT
Miranda Gold Corp. has closed of a $4,683,000 non-brokered private placement. A total of 4.46 million units at $1.05 per unit were issued. Global NR Holding SA, a Luxembourg-based holding company which is controlled by the Lundin family, purchased 2.4 million units and Exploration Capital Partners 1998-B LP, which is controlled by the Rule family trust, purchased 1,465,000 units. Insiders and other investors purchased the remaining 595,000 units. Each unit consists of one common share and one non-transferable common share purchase warrant. Each warrant will entitle the holder thereof to purchase one additional share for a period of two years at a purchase price of $1.50 per share. If, after the expiry of all resale restrictions, the volume-weighted average share price of Miranda is $2.10 or greater on the TSX Venture Exchange for any consecutive 10 days of trading, Miranda may, at its discretion, provide notice of an earlier expiry date of the warrants, in which case the warrants shall expire 30 business days after giving such notice.
All of the securities issued in connection with the closing of this private placement, including 253,500 units issued in payment of finders' fees, are subject to a hold period in Canada until Feb. 5, 2008.
"Miranda is pleased that these investors see Miranda as one of the premier generative exploration companies in the industry today. When investing, both of these groups look for superior management and technical teams who are exploring in world-class geologic environments. Miranda meets these requirements. Through this equity investment they have positioned themselves to participate in a possible discovery in Nevada's Cortez trend. Both groups understand that exploration can be a very long process and exposure to discovery therefore requires a long-term investment focus. We welcome shareholders with this type of approach to investing," said Ken Cunningham, president and chief executive officer of Miranda.
The proceeds from the private placement will be used to further advance Miranda's exploration and property acquisition programs, as well as continuing working capital purposes.
We seek Safe Harbor.
Cheers,
I_luv_GVG