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Mines Management (TSX:MGT,NYSE:MGN, ) announced the closing of the previously announced financing for gross proceeds, before estimated offering expenses, of $4.0 million.
As quoted in the press release:
… in which it had agreed to sell 4,000 units consisting of one share of the Company’s Series B 6% Convertible Preferred Stock, no par value, and a warrant to purchase approximately 636 shares of the Company’s common stock, par value $0.001 per share, at a price to the public of $1,000 per unit. Each share of Series B Convertible Preferred Stock is convertible into shares of common stock at a conversion rate of approximately 1,271 shares of common stock for each share of Series B Convertible Preferred Stock (equivalent to a conversion price of $0.7866 per share of common stock). The warrants are immediately exercisable at an exercise price of $1.0816 per share and will expire 52 months from the date of issuance.
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