Now you know what you were told beforeabout the pumpers here. They were desperate to suck in others so that they could unload leading into the obvious need for a PP. Hilarious to see others defending these greedy, misleading dregs. They are not here to do favours....in fact, by doing the opposite you may, perhaps be, on the right track. 70 cents ....lower than I even thought. Holy Creporizinho! Told you to hold off and gave reasons....how did the pumpers help??? LOL....
<p>2009-12-11 09:12 ET - News Release</p><p>Mr. Alan Carter reports</p><p>MAGELLAN ANNOUNCES $20 MILLION BROKERED PRIVATE PLACEMENT</p><p>Magellan
Minerals Ltd. has negotiated the terms of a brokered private placement
of up to $20-million with Toll Cross Securities Inc. and Dundee
Securities Corp. as co-lead agents, together with Haywood Securities
Inc. (collectively the agents). The offering will consist of up to
17.14 million units of the company and 11.43 million subscription
receipts. The units and subscription receipts will be issued at a price
of 70 cents, for gross proceeds of approximately $20-million to the
company. Each unit will consist of one common share and one-half of one
share purchase warrant (each whole warrant referred to as a warrant) of
the company. Each warrant will entitle the holder to acquire one common
share in the capital of Magellan, at a price of $1 for a period of 24
months following closing. In the event that the closing price of the
common shares on the TSX Venture Exchange is in excess of $1.50 for a
period of 30 consecutive trading days at any time after the closing of
the offering, Magellan may, at its option, accelerate the expiry date
of the warrants by giving notice to the holders thereof, and, in such
case, the warrants will expire at 4 p.m. (Toronto time) on the date
which is the earlier of: (i) the 30th day after the date on which such
notice is given by Magellan; and (ii) the 24-month anniversary of the
closing of the offering. Magellan has also granted the agents an
overallotment option to purchase, in whole or in part, up to an
additional $2,995,000 of units and subscription receipts (the
overallotment option).</p>