Nov 10, 2010 18:32 ET
Century Mining Closes $1,500,000 Private Placement
BLAINE, WASHINGTON--(Marketwire - Nov. 10, 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 November 9, 2010. The private placement consisted of 3,846,154 units (the "Units") of the Company, at a price of $0.39 per Unit, for gross proceeds of $1,500,000. 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 $90,000, representing 6% 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 continuing commissioning of the Lamaque Gold Mine operation in Val d'Or, Quebec, Canada.
7 comments:
Sorry Carib, i was so busy i forgot to write down your email for a membership request. I tried to find it in earlier posts, but i think you removed it. If i could please ask for it one more time, thank you.
would some here care to shed some light on finders fees? I notice that Century has paid out a boat load on finders fees in the past two years. Is this truly necessary? Or is this a way for management to swindle money? What value do these "finders" add? What's to prevent me from becoming a "finder" for Century? Who doesn't want to be a part of the private placement when you could buy stock for 15% discount?
Hi cynikaL,
Carib`s e-mail address as follows:
centurycarib@gmail.com
It`s also posted in the blue area at the top of the main page on the blog.
I would recommend that everyone sign up for a blog membership (those who are not already members of course). It is a very simple and quick process.
I believe Carib will restrict posting on the blog to members only, effective December 1st. This will help to pretect the integrity of the blog. It will eliminate anonymous abusive posts, personal attacks, impersonations other posters, etc. A middle ground would be for Carib to screen every single non-member post prior to it hitting the blog. That`s a lot of work. Carib doesn`t have the time to do all of that, nor should he have to. Also, the non-member posts would be substantially delayed until Carib finds the time, which would then make some of the posts outdated once they get posted.
Thus, the only solution is for members only to post and comment on the blog. Again, anyone can send in a membership request.
The blog is what you make of it. It is your blog. The quality and longevity of the blog will depend on blog contributors / blog members.
New globeinvestor rating rec'd in my mail today:
CMM-X: New 5-Star Rating
New: **
Last: ***
For ratings & other good info for micro-cap gold co.(cmm is in bottom 16/45) go to Kitco.com. -- base metals
See B Matlack (nov 8 ) article "Metals & mining analysts ratings & estimates"
Production, thanks for responding to cyniKaL's request and providing the reasons for the change in posting rules for the Blog. In spite of many requests for comments to be signed, there are still many Anonymous posts and many that do not add any value.
For those of you that visit the Blog to read posts and comments, nothing will change, however if you wish to post or comment, you will have to be a member as of December 1. A simple email request is all that is required and as a member you have much better posting tools.
A little news on Finskiy...not CMM related:
http://www.marketwire.com/press-release/SL-Resources-Inc-and-LLC-UK-Dalsvetmet-Enter-Into-Binding-Pre-Acquisition-Agreement-1352287.htm
"Upon completion of the Acquisition, the directors and officers of SLR are anticipated to be:
Maxim Finskiy – Executive Chairman and Director. Mr. Finskiy is the President of MMC Intergeo, the mining and exploration arm of the private Russian conglomerate Onexim Group, which is Russia's largest investment fund with US$25 billion in assets. From 2001 to 2008 he was Deputy General Director and Deputy Chairman of the Management Board of MMC Norilsk Nickel. Mr. Finskiy sits on the board of Polyus Gold, a Russian company which is one of the world's top gold producers."
Post a Comment