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Minera Alamos set to raise up to C$5 million

The company said it was arranging a private placement of up to $5 million at a price of C$0.10 per share

Santana gold project
Minera Alamos has a growing portfolio of high-grade Mexican projects

Minera Alamos Inc (CVE:MAI), the Mexico-focused metals explorer, announced Tuesday it will raise up to C$5 million in a non-brokered private placement offering.

The company said it would issue up to 50 million shares at a price of C$0.10 per share. The company said no warrants were being issued as part of the offering. 

Minera is advancing three development projects in Mexico -- Santana, located in Sonora state, while the La Fortuna and Guadalupe De Los Reyes properties are in Durango.

READ: Minera Alamos poised for second phase drilling at Santana; makes further gold sale

Under the terms, shares issued will be subject to a four-month hold period from the closing date and is expected to occur on or around March 1.

The company said finders fees may be paid in the form of a 6% cash fee and the issuance of finder's warrants in an amount equal to 6% of the shares placed with subscribers introduced by any finder under the offering. Finders warrants will be exercised for one share at C$0.10 for a period of two years, following the close of the offering. 

Minera shares were up 4.5% at C$0.12 on Tuesday.

Contact Katie Lewis at [email protected]
Follow her on Twitter: @kelewis

Quick facts: Minera Alamos Inc

Price: 0.43 CAD

TSX-V:MAI
Market: TSX-V
Market Cap: $174.85 m
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