Mansfield Minerals arranges $6-million placement
2006-03-23 15:09 ET - News Release
Mr. Gordon Leask reports
MANSFIELD MINERALS INC.: NON-BROKERED PRIVATE PLACEMENT ANNOUNCED
Mansfield Minerals Inc. has arranged a $6-million non-brokered private placement of 2,727,273 units. Each unit, priced at $2.20, consists of one common share of the company and one-half of one common share purchase warrant. Each whole common share purchase warrant will enable the subscriber to purchase one common share of the company at a price of $3.00 per share for a period of one year from the date of closing the private placement. The securities issued under the offering will be subject to a four-month hold period in accordance with applicable Canadian securities laws.
The company has agreed to pay finders' fees payable in cash and equal to 7-1/2 per cent of the gross proceeds received from the subscribers introduced to the company by the finders. In addition, the finders will be entitled to receive a warrant entitling them to purchase common shares of the company equal to 10 per cent of the number of units purchased by subscribers introduced to the company by the finders. Each finder's warrant is exercisable into a common share of the company at a price of $2.20 per share for a period of one year from the date of closing the private placement.
The company intends to use the net proceeds of this private placement to finance prefeasibility work on its Lindero property in northwestern Argentina and for general working capital purposes.
The offering is subject to certain conditions, including, but not limited to, the receipt of all necessary approvals, including the approval of the TSX Venture Exchange.
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