Cyprium Mining (CUG-V) Sept 8, '14 has completed its previously announced private placement and has issued an aggregate of 4,883,071 units at a price of 14 cents per unit for gross proceeds of $683,630. Each unit is composed of one common share in the capital of the corporation and one share purchase warrant of the corporation. Each warrant is exercisable into one common share at an exercise price of 28 cents expiring on Sept. 8, 2016.
In connection with the offering, Cyprium paid $22,852 in commission and issued 163,229 non-transferable warrants to purchase units to arm's-length eligible third parties. Each broker warrant entitles the holder to purchase one unit at 14 cents per unit for a period of 18 months from the closing of the offering. Pursuant to applicable securities laws, the broker warrants and the securities underlying the broker warrants will be subject to a four-month hold period expiring on Jan. 9, 2015.
The net proceeds made available through the sale of the units will be used by the corporation to pay for the costs of the offering, development of the corporation's Las Cristinas mining project in Mexico, including the drilling program described in the corporation's June 19, 2014, news release, for working capital and general corporate purposes. The corporation may accept additional subscriptions for units over the next week.
The offering is subject to the final approval of the TSX Venture Exchange. Pursuant to applicable securities laws, all securities issued pursuant to the offering are subject to a statutory hold period of four months following the closing of the offering expiring on Jan. 9, 2015.
The corporation also announces that the TSX Venture Exchange has accepted the corporation's application to extend the expiry date of 1,514,700 share purchase warrants exercisable at 25 cents from Dec. 28, 2014, to Dec. 28, 2015. These share purchase warrants were issued pursuant to a private placement of units completed on Dec. 28, 2012. |
