Mar 5 2011
Thundermin Resources Inc. (TSX:THR) announces that it has completed a non-brokered private placement financing for $1,007,310 through the issuance of 3,847,270 flow-through units at a price of $0.26 per Unit to accredited investors.
Each Unit consisted of one flow-through common share and one half of one non-transferable common share purchase warrant ("Warrant"). Each whole Warrant will entitle the holder to purchase an additional common share of Thundermin at a price of $0.35 per share on or before September 3, 2012. Each Warrant will be subject to an early call provision. In the event that Thundermin's shares trade at a weighted average price of $0.60 or more per share for a period of at least 20 consecutive trading days, Thundermin will have the right, upon giving notice in writing to the warrant holders, to accelerate the expiry date of the Warrants to the date that is 30 days from the date that notice was provided.
Thundermin paid a cash commission of $57,500 and issued 189,439 compensation options on a portion of the Offering. The Compensation Options may be exercised at a price of $0.26 per common share on or before September 3, 2012.
The proceeds of the Offering will be used to fund Thundermin's exploration projects in Canada that qualify as "Canadian exploration expenses" under the Income Tax Act (Canada). In particular, the funds will be used for on-going diamond drilling programs on the Little Deer Copper Deposit which is located approximately 10 km north of Springdale in north-central Newfoundland and for an initial diamond drilling program on Thundermin's Lebel gold property located on the Kirkland Lake Main Break in Kirkland Lake.
Source:
Thundermin Resources Inc.