Trelawney closes $10.41-million private placementTrelawney closes $10.41-million private placement
2009-12-22 15:40 ET - News Release
Mr. Greg Gibson reports
TRELAWNEY ANNOUNCES CLOSING OF BROKERED PRIVATE PLACEMENT
Trelawney Mining and Exploration Inc. has closed its previously announced brokered private placement led by Jennings Capital Inc. as lead agent in an investment deal syndicate including Raymond James Ltd. and Blackmont Capital Inc.
The company issued a total of 15,296,600 units at a price of 50 cents per unit, in addition to 4,605,000 flow-through common shares at a price of 60 cents per flow-through share for gross proceeds of $10,411,300. Each unit consists of one common share of the company and one-half of one common share purchase warrant, with each warrant entitling the holder thereof to purchase a common share at an exercise price of 70 cents until Dec. 22, 2011.
The company paid the agents a cash commission of $728,791 and issued broker warrants to acquire up to 1,393,112 common shares at a price of 50 cents per share until Dec. 22, 2011.
The net proceeds of the offering will be used for continued exploration and development of the company's properties in Chester township and for general working capital purposes.
The securities issued pursuant to the offering are subject to a four-month hold period. The private placement is subject to certain conditions including, but not limited to, the receipt of all necessary approvals including the approval of the TSX Venture Exchange.
We seek Safe Harbor.