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Sterling Mining Company

Friday, August 3rd, 2007

Sterling Mining Company announce that it has closed two private placement offerings, that in the aggregate raised a total of US$24,734,755.50.
In addition, the Company has received conditional approval from the Toronto Stock Exchange (“TSX”) to list its common shares on the TSX, subject to fulfilling all requirements of the TSX and filing of customary documentation on or prior to October 30, 2007.
In a brokered offering, the offering consisted of 5,585,792 special warrants at a price of US$3.25 per Special Warrant. Each Special Warrant is convertible into one common share of the Company and one-half of one common share purchase warrant. Conversion shall occur upon the issuance of a receipt for a final prospectus in Canada that qualifies the Common Shares and Warrants. Each whole Warrant is exercisable for one Common Share at an exercise price of US$4.10 for 24 months following the closing date of the Brokered Offering. The Brokered Offering was completed on a best-efforts basis with TD Securities Inc. and Blackmont Capital Inc. of Toronto, Canada, who were engaged as coagents.
In addition, in a second offering in the United States and elsewhere, the offering consisted of 2,024,902 units at the same price of US$3.25 per Unit. Each Unit is comprised of one common share of the Company and one-half of one common share purchase warrant. Each Warrant is similarly exercisable for one Common Share at an exercise price of US$4.10 for 24 months following the closing date of the Offering.
Proceeds from the private placements will be used to fund the ongoing rehabilitation and upgrade of the Sunshine Mine as part of Sterling’s mine plan to resume silver production, currently forecasted to begin in December 2007, and for general working capital purposes.
In connection with the Brokered Offering, the Company paid a cash commission of 7% of the gross proceeds of the private placement, and issued non-transferable compensation options to purchase 391,005 Special Warrants (equal to 7% of the Special Warrants sold under the private placement), exercisable at US$3.25 per Special Warrant for a period of 24 months after the closing date of the Offering.
In connection with the Second Offering, the Company paid cash commissions, and issued similar nontransferable compensation options to purchase Units, common shares and warrants not exceeding 7% of the gross proceeds.

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