Business
Tumi Closes $2.17 Million Brokered Private Placement
Tumi Closes $2.17 Million Brokered Private Placement.
About this update from Kingsmen Resources Limited
[{"type":"text","content":"\n\n\n\n\nTSXv - TM \nFrankfurt - TUY \nOTCBB - TUMIF\n\n VANCOUVER, May 1 /CNW/ - Tumi Resources Limited (the \"Company\") (TSXv-TM;\nOTCBB - TUMIF; Frankfurt - TUY). Mr. Nick DeMare, director, is pleased to\nannounce the Company has closed the brokered portion of the private placement\nof 3,500,000 units at a price of $0.62 per unit as announced on April 6, 2006.\nBolder Investment Partners, Ltd. (\"Bolder\") acted as the agent for the\nbrokered private placement.\nEach unit consists of one common share plus one-half of one non-\ntransferable share purchase warrant. Each whole warrant entitles the holder to\nacquire one additional common share at a price of $0.80 per share up to an\nincluding April 28, 2008, subject to an early expiry which comes into effect\nonce the Company's shares trade on a weighted average price of $1.25 per share\nfor a period of 20 consecutive trading days at which point the Company may\nprovide written notice of acceleration of the expiry date of all of the\nwarrants to the warrantholder and issue a press release on the date of such\nnotice publicly announcing such acceleration and the expiry date to the date\nwhich is 30 days after the date of issue of such press release.\nIn consideration for Bolder's services as agent for the private\nplacement, Bolder has been paid a cash commission of $173,600 of which Bolder\nelected to have $53,316.90 paid in units (85,995 units at the private\nplacement price of $0.62 per unit) and 350,000 non-transferable broker\nwarrants with the same terms and conditions as those warrants issued to\nsubscribers to the private placement.\nAll securities issued under this private placement have a four-month hold\nperiod expiring on August 29, 2006.\nThe non-brokered portion of the private placement consisting of 3,100,000\nunits at $0.62 per unit is expected to close shortly.\nThe net proceeds from both private placements will be used to fund\nexploration on the Company's mineral properties in Mexico and Sweden and for\ngeneral working capital.\n\nOn behalf of the Board,\n\"Nick DeMare\"\n----------------------\nNick DeMare, Director\n\nForward Looking Statements. This Company Press Release contains certain\n\"forward-looking\" statements and information relating to the Company that are\nbased on the beliefs of the Company's management as well as assumptions made\nby and info...