Namibian Minerals has raised a further $2.6-million (U.S.) from a private placement of securities.
The company has placed $2.6-million (U.S.) principal amount of 10-per-cent special notes through Canaccord Capital (Europe) Limited. The special notes bear substantially the same terms as advised in the company’s announcement as reported in Stockwatch March 26, 2001. A maximum of 13.9 million common shares are issuable to complete the private placement.
Shareholder approval for the transaction was obtained at a special meeting of shareholders which was adjourned to April 25, 2001. In addition, shareholders approved the terms of the Leviev Group’s $15-million (U.S.) investment and a credit facility of $2.6-million (U.S.), as well as the issuance of warrants to one of the company’s shipowners. The terms of these transactions are fully disclosed in the amended proxy circular dated March 31, 2001.
This private placement brings the total amount of gross proceeds raised by Canaccord to $12-million (U.S.). Closing of the Leviev transaction is expected later this week.
