September 08, 2011 02:00 PM Eastern Daylight Time
Ardent Mines Completes $1,000,000 Private Placement
NEW YORK--(BUSINESS WIRE)--Ardent Mines Ltd. (OTCQB: ADNT.PK) (the "Company" or "Ardent Mines") announced today that it had closed, effective September 7, 2011, a negotiated $1.0 million private placement transaction for shares of its common stock. Net proceeds from the sale will be used primarily to support the Company's current exploration and development plans in Brazil together, as well as general corporate and working capital requirements.
Ardent Mines sold 259,741 shares of common stock to a select group of institutional and accredited investors at a price of $3.85 per share, which represented a seven percent discount to the last sale price on September 6, 2011. Additionally, the investors received warrants to purchase up to 259,741 additional shares of common stock at a price of $4.15 per share, or equivalent to the closing price on September 6, 2011. These warrants expire five years after issuance and are exercisable immediately.
Rodman & Renshaw, LLC, a subsidiary of Rodman & Renshaw Capital Group, Inc. (NASDAQ: RODM) acted as the exclusive placement agent for the transaction. In connection with the transaction, the Company has agreed to file a registration statement within 30 days with the Securities and Exchange Commission to register the resale of the shares of common stock issued at closing and the shares of common stock issuable upon exercise of the warrants.
ABOUT ARDENT MINES
Ardent has positioned itself to develop low cost gold mining operations in Brazil, a mining friendly jurisdiction. Ardent Mines owns a 100% interest in Gold Hills Mining Ltda., which in turn owns mineral rights on 3,500 Hectares, covering a highly-mineralized vein containing high grades of gold. Ardent Mines also has an exclusive option to acquire the mineral rights on the Serra do Sereno property, located in Carajas, Brazil, one of the better known mining districts in the world. Ardent Mines is headquartered in New York, and has a field office in Brasilia. The Company has 16.3 million shares outstanding, and trades under the ticker symbol ADNT.PK.
Forward-Looking Statements
This press release contains "forward-looking statements" as defined in the U.S. Private Securities Litigation Reform Act of 1995. These statements are based upon our current expectations and speak only as of the date hereof. These forward-looking statements are based upon currently available competitive, financial, and economic data and management's views and assumptions regarding future events. Such forward-looking statements are inherently uncertain. Our actual results may differ materially from those expressed in any forward-looking statements as a result of various factors and uncertainties. Ardent Mines cannot provide assurances that any prospective matters described in the press release will be successfully completed or that Ardent Mines will realize the anticipated benefits of any transactions. Various risk factors that may affect our business, results of operations and financial condition are detailed from time to time in the Annual Report on Form 10-K and in the Current Reports on Form 8-K and other filings made by Ardent Mines with the U.S. Securities & Exchange Commission. Ardent Mines undertakes no obligation to update information contained in this release.
Contacts
Ardent Mines Ltd.
Leonardo Riera, 855.ARDENTM (273.3686)
President and CEO
info@ardentmines.com
or
Investor Contact:
Kei Advisors LLC
Deborah K. Pawlowski, 716-843-3908
dpawlowski@keiadvisors.com
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