MacDonald Mines Exploration (BMK-V) Tons and tons stock out, but latest PP oversubscribe.
www.macdonaldmines.com
212.5 million o/s
$1.2 million cash (as of June 30, 2012) Closed its oversubscribed brokered private placement of $2.82-million
Nov 23, 2012 News Release
MacDonald Mines Exploration Ltd. has closed its oversubscribed brokered private placement offering of securities, raising gross proceeds of $2,822,750 through the sale of flow-through units. Marquest Asset Management Inc. led the syndicate of subagents, which included Casimir Capital Ltd. The offering price was 7.5 cents per FT unit.
Each FT unit consists of one flow-through common share of the company and one-half of one common share purchase warrant. Each whole warrant entitles its holder to purchase one non-flow-through common share at a price of 15 cents per share for a period of 18 months from the date of issue of the FT unit.
In connection with the offering, the company paid finders' fees of 6.5 per cent of the gross proceeds raised by the agent and issued non-transferable compensation options in the amount of 6.5 per cent of the aggregate FT units raised by the agent. Each compensation option is exercisable to acquire one common share and one-half of one common share warrant at a price of 6.5 cents per share for a period of 18 months from the date of issue. Insiders of the company subscribed for $133,000, on the same terms as arm's-length investors.
The net proceeds of the sale of units will be used to finance exploration programs on its Ontario properties. The next exploration program, consisting of approximately 3,000 metres of drilling, is scheduled for early 2013 on the company's Butler property.
All securities to be issued in connection with the offering are subject to a hold period of four months and one day from the date of issuance. Closing of the offering is conditional on the receipt of all required regulatory approvals, including the approval of the TSX Venture Exchange.
We seek Safe Harbor.
Key people:
Kirk McKinnon - CEO & Chairman, Director
J.A. Kirk McKinnon has served as Chief Executive Officer and a director since April 2006. He brings over 25 years of senior management experience to the Company. Mr. McKinnon is currently President and CEO of MacDonald Mines Exploration Ltd. and Red Pine Exploration Inc., both of which are resource exploration companies headquartered in Toronto, Canada. Previously, Mr. McKinnon held senior management positions with several high profile Canadian corporations, including Nestle Canada.
Bulter Property
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Company presentation
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