JOHANNESBURG (miningweekly.com) – TSX-listed Anaconda Mining is planning to complete a nonbrokered private placement to raise about $2.39-million.
The placement will include up to 20.44-million common shares, which qualify as flow-through shares, at a price of $0.08 a share, as well as up to 11.54-million units, each comprising one common share and one-half of a common share purchase warrant, at a price of $0.065 per unit.
Each share purchase warrant will entitle the holder to buy one common share of Anaconda at a price of $0.105 for a period of three years following the closing date of the offering.
The gross proceeds from the share portion of the offering will be primarily used for exploration activities at Anaconda's Goldboro project, in Nova Scotia, and the Argyle discovery, at the Point Rousse project, in Newfoundland, while the net proceeds from the unit portion of the offering will be used for general corporate purposes.