Mines Management Raises $4 Million in Unit Offering

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.

Click here to read the Mines Management (TSX:MGT) press release
Click here to see the Mines Management (TSX:MGT) profile.