Virginia Mines Inc.: $2.4 M Flow-Through Private Placement Financingadmin
Virginia Mines Inc. announces that it has negotiated a private placement that consists of 279,124 flow-through common shares at a price of $8.67 per share, which represents 69% premium to the last 10 days volume weighted average price for gross proceeds of CA$2,420,000. Casimir Capital L.P. (“Casimir”) acts as the agent for the financing.
At the closing, Virginia agrees to pay Casimir a finder’s fee equal to 6% of the gross proceeds of the financing and non-transferable broker warrants entitling Casimir to subscribe for such number of common shares of Virginia equal to 6% of the number of flow-through common share that will be issued. The warrants will be struck at $6.58 and will have a term of 24 months from closing.
The financing is scheduled to close on or about November 19, 2009 and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals including the approval of the Toronto Stock Exchange.
Proceeds from the offering will be used to fund exploration work on Virginia’s numerous projects.