BLAINE, WASHINGTON--(Marketwire - Sept. 16, 2010) -
"NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES"
Century Mining Corporation ("Century" or "the Company") (TSX VENTURE:CMM) is pleased to announce that it has closed the private placement announced September 15, 2010. The private placement consisted of 12,820,513 units (the "Units") of the Company, at a price of $0.39 per Unit, for gross proceeds of $5,000,000. Each Unit consisted of one common share and one-half of one common share purchase warrant (each whole warrant, a "Warrant"). Each Warrant is exercisable for one common share at $0.60 for 18 months from closing.
The Company has paid a finder's fee of $250,000, representing 5% of the gross proceeds of the private placement. All securities issued under this private placement will be subject to a four-month hold period.
The proceeds from this offering will be used for the continued commissioning of its Lamaque Gold Mine operation in Val d'Or, Quebec, Canada, and as working capital.
About Century Mining Corporation
Century Mining Corporation is a Canadian junior gold producer and holds strategic land positions in Canada, United States and Peru. The Company's strategy is to grow to an intermediate gold producer through existing mine expansions and acquisitions of other strategic and synergistic gold opportunities.
On behalf of Century Mining Corporation,
Keith Hulley, Interim CEO
Caution Concerning Forward-Looking Information
5 comments:
Perhaps some one from the July tour decided to come on board.They went to CMM and said I would like to buy X amount of shares and warrants at this price,
The company decided to do it.
Purely speculation on my part.
I am more inclined to think that for this $5M pp matter, there could be only 2 possibilities. 1) As per Railroader, someone asked to be included in the game and the co decides to do it for the reason that the inclusion of this placee may induce more participations from institutional investors fulfilling an aim we have been waiting for so long. 2) Since the DB escrow money is not drawable yet, the BOD and Mr KH are just being double prudent to ensure a no hick-up in funding at this crucial development stage. Finskiy might have wished to take a breather after his recent exercise of some of his warrants. Anyway, it should not be bad to keep his money as a last reserve just in case.
If they can get Bedard online (i.e start LHS mining) the sp will fly in my opinion.
So who has called the company and discovered who bought those shares in the PP?
It would be very good if it is George Soros, John Embry or the likes. It would also be nice if it is just a reasonable institution . Think what we need is a move that signals a solid start of institutional interest in the co. Really like to know whole is the placee who took that +15million shares in 2 tranches.
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