News - Private Placement of sharesLooks like the next step in development is the customary ownership dilution by issuing more shares - at least at a reasonable price of 0.30/share. Hopefully the results from the drilling program will increase the company's capitalization enough to offset the reduced ownership so net out a higher share price.
Linear Metals Announces $1,000,000Private Placement(ccnm)
HALIFAX, NOVA SCOTIA--(Marketwire - Feb.10, 2011) - Linear Metals Corporation(TSX:LRM)is pleased to announce that it has arranged a non-brokered private placement ofup to 3,333,333 common shares priced at
.30 per share, for total grossproceeds of up to $1,000,000.
Net proceeds of the Offering will beused for exploration of the Company's mineral properties, strategic propertyacquisitions and working capital.
The private placement is scheduled toclose by February 25, 2011 and is subject to certain conditions including, butnot limited to, the receipt of all necessary approvals including the approvaland acceptance by the Toronto Stock Exchange. All securities to be issuedpursuant to the private placement will be subject to a four month hold periodand no commissions will be paid in connection with the financing.