Business
Alphamin Resources Announces US$38 Million Financing
GRAND BAIE, MAURITIUS--(Marketwired - June 5, 2017) - Alphamin Resources Corp. (TSX VENTURE:AFM) ("Alphamin", or the "Company") is pleased to announce that it h
About this update from Alphamin Resources Corp.
[{"type":"text","content":"GRAND BAIE, MAURITIUS--(Marketwired - June 5, 2017) - Alphamin Resources Corp. (TSX VENTURE:AFM) (\"Alphamin\", or the \"Company\") is pleased to announce that it has entered into an agreement with Sprott Capital Partners (\"SCP\") and Tamesis Partners LLP (\"Tamesis\"), (collectively, the \"Agents\"), under which the Agents have agreed to act on behalf of the Company in connection with a best efforts private placement of up to 81,454,000 Units (as defined below) at a price of C$0.35 per Unit to raise gross proceeds of approximately C$28.5 million (approximately US$21.1 million) (the \"Private Placement\"). In addition, contemporaneously with the closing of the Private Placement, the Company intends to complete a non-brokered private placement with its 44.4% shareholder, Tremont Master Holdings Limited (\"Tremont\"), for a further 65,046,000 Units on the same terms to raise additional proceeds of approximately C$22.8 million (approximately US$16.9 million) (the \"Tremont Private Placement\"). Collectively, the Private Placement and the Tremont Private Placement (the \"Offering\") would raise aggregate gross proceeds of approximately C$51.3 million (approximately US$38.0 million) from the issue of 146,500,000 Units. Each Unit comprises one common share of the Company (a \"Common Share\") and half of one Common Share purchase warrant (each whole Common Share purchase warrant, a \"Warrant\"). Each Warrant is exercisable to acquire one Common Share (a \"Warrant Share\") for a period of 36 months following the closing date of the Offering at an exercise price of C$0.4375 per Warrant Share, subject to adjustment in certain events. The expiry date of the Warrants may be accelerated by the Company at any time following the 12 month anniversary of the closing date of the Offering if the volume-weighted average trading price of the Common Shares is greater than C$0.73 for any 15 consecutive trading days, at which time the Company may accelerate the expiry date of the Warrants by issuing a press release announcing the reduced warrant term whereupon the Warrants will expire on the 20th calendar day after the date of such press release. The Agents have been be granted an option (the \"Over-Allotment Option\") to sell that number of additional Units as is equal to 15% of the size of the Private Placement. The Over-Allotment Option may be...