More moeny and shares for NFC
Mindoro Resources Ltd. (TSX-V: MIO; Frankfurt: OLM) has announced that its offering of securities under the TSX Venture Exchange Short Form Offering Policy closed on Friday, October 15, 2004. The offering, which consisted of the sale of units at $0.225 per unit, as previously announced on July 28, 2004, was over subscribed and resulted in the issue of 8,888,888 common shares and 8,888,888 non-transferable purchase warrants. Each purchase warrant entitles the holder to purchase one common share for $0.30 for two years. A hold period which expires on February 16, 2005, applies to 2,017,889 of both the common shares and the purchase warrants. Gross proceeds from the offering were $2,000,000; with proceeds to the Mindoro of $1,790,876, net of broker commissions and costs.
Cash commissions equal to nine percent of the gross proceeds of the offering were paid to Northern Securities Inc. An additional 888,888 Agents Warrants were issued with each Agents Warrant entitling the holder to purchase one unit at $0.225 per unit at any time prior to October 15, 2006. Northern Securities also received 50,000 Mindoro shares upon closing, in addition to a previously paid $12,500 work fee. The 50,000 shares, as well as any shares issued pursuant to the exercise of the Agent Warrants, are subject to a hold period expiring on February 16, 2005.