Wits Basin PR
Wits Basin Receives Subscription Agreements on the Exercise of 15 Million Common Stock Purchase Warrants; The Company Expects to Receive Approximately $3.9 Million
THURSDAY, MAY 04, 2006 7:04 AM
- BusinessWire
MINNEAPOLIS, May 04, 2006 (BUSINESS WIRE) -- Wits Basin Precious Minerals Inc. (WITM) today announced it is completing on a round of financing through the exercise of issued and outstanding warrants to certain warrant holders who qualified as accredited investors. For each two warrants exercised by the warrant holder (at a price of $0.25 per share), they received two shares of common stock and a new three-year warrant (with an exercise price of $0.50 per share). Certain of the warrant holders were offered a limited time reduction of the exercise price (in which the warrants were originally price from $5.50 to $0.75 per share) of $0.25 per share. The Company received subscription agreements to exercise approximately 15.8 million common stock purchase warrants and as a result, expects to receive approximately $3.9 million in cash.
Vance White, CEO, commented, "We are very pleased by the commitment evidenced by our warrant holders. This cash infusion into Wits Basin will allow us to rapidly accelerate our growth plans both domestically and internationally."
About Wits Basin Precious Minerals Inc.
We are a minerals exploration and development company holding interests in three exploration projects and currently do not claim to have any mineral reserves on any project. Our common stock trades on the Over-the-Counter Bulletin Board under the symbol "WITM." To find out more about Wits Basin Precious Minerals Inc. (WITM) visit our website at www.witsbasin.com.
