Here's the PR from the company regarding the private placement. Notice that the proceeds will be used to "initiate an aggressive exploration program on the polymetallic (copper, silver, zinc, lead) mineral system." This is great news for shareholders who were worried that MMG would get bought out before they were able to prove up their silver and other resources, thus not getting credit for that value. Hopefully they can get their "aggressive exploration program" going fast enough to prove up new resources before any takeover attempts.
biz.yahoo.com
Metalline Private Placement
Tuesday March 13, 9:00 am ET
COEUR D'ALENE, Idaho, March 13 /PRNewswire-FirstCall/ -- Metalline Mining Company (Amex: MMG - News) announced today that on March 6, 2007, Metalline completed a private offering of 2,413,571 shares of the Company's common stock, $0.01 par value per share, and warrants to purchase 1,206,785 shares of common stock, exercisable at $2.42 per share and expiring on March 6, 2011. The Purchased Securities were purchased at a price of $4.70 per Unit, which consists of two shares of common stock and one warrant, for aggregate gross proceeds of $5,671,892.60 pursuant to the Common Stock and Warrant Purchase Agreement with the purchasers. There were no commissions paid in connection with the Offering. The Purchased Securities were sold to accredited investors pursuant to Section 4(2) and Regulation D under the Securities Act of 1933.
The proceeds of the offering are expected to be used for general corporate purposes, including working capital and to initiate an aggressive exploration program on the polymetallic (copper, silver, zinc, lead) mineral system at the Sierra Mojada project located in Coahuila, Mexico. |
