Business
Minaean Announces Private Placement of Units
Minaean Announces Private Placement of Units
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[{"type":"text","content":"\nMinaean Announces Private Placement of Units\n\n\n Nov. 10, 2010 (Filing Services Canada) -- Minaean International Corp.  (MIB - TSX Venture, NJA - FWB, NJA - BSE), (the \"Company\") is pleased to announce that it proposes to issue up to 10 million Units of the Company at a price of $0.10 per Unit, for gross proceeds of up to $1,000,000.  Each Unit will consist of one common share and one-half of one share purchase warrant of the Company.  Each whole common share purchase warrant will entitle the holder to purchase one common share at a price of $0.15 per share for a period of one year.The Company has the right to force the exercise of the warrants at anytime if the shares trade at $0.20 or higher over a 20 consecutive day period between the closing of the private placement and the warrant expiry.  Finders' fees of 7% will be payable on a portion of the private placement.The proceeds from the private placement will be used for working capital purposes.The private placement is subject to regulatory approval.  About Minaean Minaean Habitat (India) Pvt. Ltd., a wholly owned subsidiary of Minaean, is a company well known for its pioneering efforts in the manufacture of light gauge steel components for the construction industry and modular metal buildings in India. The strong, affordable, ecologically sustainable structures present a promising solution to the mass housing shortages in developing countries and disaster-stricken areas, in addition to a range of conventional applications. It offers a wide range of applications and has a manufacturing facility in Mumbai with a full fledged design and engineering team comprising 85 employees.The application of the modular building concept has been expanded to include the manufacture and installation of Bus Queue Shelters, ATM Modular Buildings, Modular Toilets and Public Washrooms, office blocks and bunkhouses for campsites. Moreover, the company now sees itself as the leading manufacturer of such modular units within the Indian market.The shares of Minaean International Corporation (parent company) are publicly traded on the TSX Venture Exchange under the symbol \"MIB\" and on the Berlin and Frankfurt Stock Exchanges under the symbol \"NJA\". For more information, please visit www.minaean.com.On behalf of the Board of DirectorsMINAEAN I...