Duluth Metals Completes Initial Private Placement Tranche with Antofagasta for $1 Million

 Duluth Metals (TSX:DM) announced that the initial tranche of the public placement with Antofagasta Investment Company, comprising 2,222,222 common share – at a price of $0.45 per share – for $1 million. A second tranche, of $1.3 million, is expected to happen on November 21, 2014.

According to the press release:

The private placement was completed in connection with a binding agreement dated November 3, 2014 (the “Acquisition Agreement”) between Duluth and Antofagasta, whereby Antofagasta has agreed, subject to the terms of the Acquisition Agreement, to acquire all of the outstanding common shares of Duluth by way of a friendly take-over bid or a plan of arrangement at a price of CDN$0.45 per common share in cash (the “Transaction”). A second tranche of the private placement, in the amount of CDN$1.3 million, is expected to be completed on the date of execution of a definitive agreement with respect to the Transaction, which is scheduled to occur by November 21, 2014.

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