Canmex Closes First Tranche of Private Placement
Canmex Minerals Corporation has closed Cdn $7.5 million of the non-brokered private placement announced on March 14, 2007.
In total the Company agreed to sell up to an aggregate of 4 million common shares of the Company at a price of Cdn $5 per share for gross proceeds of up to Cdn $20 million. The remaining Cdn $12.5 million is expected to close on April 5, 2006. A 5% finders' fee, subject to regulatory approval, will be payable on a portion of the private placement. The shares issued pursuant to the private placement are subject to a four-month hold period from the date of closing.
Net proceeds of the private placement will be used towards the Company's proposed work program on the Nogal and Dharoor oil exploration projects in Puntland, Somalia as well as for general working capital purposes.
- Canmex Closes First Tranche of Private Placement (Apr 04)
- Canmex Announces Private Placement (Mar 15)
- Puntland Parliament Approves PSA for Range Resources (Dec 29)