https://www.stockwatch.com/News/Item.aspx?bid=Z-C%3aMIB-1806942&symbol=MIB®ion=C
Mr. Hari Varshney reports
MINAEAN ANNOUNCES UPDATE ON PRIVATE PLACEMENT
Minaean International Corp. has released an update on the private placement,announced in Stockwatch on Nov. 10, 2010, to issue up to 10 million units of thecompany at a price of 10 cents per unit. Each unit will consist of one commonshare and one-half of one share purchase warrant of the company. Each wholecommon-share purchase warrant will entitle the holder to purchase one commonshare at a price of 15 cents per share for a period of one year. The companyintends to file this week with the TSX Venture Exchange for approval of closingof the first tranche of the private placement.
The company has the right to force the exercise of the warrants at anytime ifthe shares trade at 20 cents or higher over a 20-consecutive-day period betweenthe closing of the private placement and the warrant expiry date.
Finders' fees of 7 per cent will be payable on a portion of the privateplacement.
The proceeds from the private placement will be used for working capitalpurposes.
The company is also pleased to announce that it is in the process ofnegotiating a financial arrangement with a third party for implementation of theGhana project as announced in the company's news release in Stockwatch datedDec. 16, 2010. Management of the company along with the representatives of thethird party are currently planning a visit to Ghana during early March, 2011,for further due diligence in this regard.