Announces Private Placement
posted on Jan 23, 2009 12:51PM
still waiting for?? eh were are we waiting for.....
|January 23, 2009|
|Simberi Announces Private Placement|
TORONTO, ONTARIO--(Marketwire - Jan. 23, 2009) - Simberi Mining Corporation ("Simberi"), (TSX VENTURE:SAU) announces that it will be offering a private placement with the following terms:
OFFERING: Private placement of units of Simberi (the "Units") consisting of common shares in the capital of Simberi (the "Common Shares") at $0.01 per share and warrants to purchase Common Shares at an exercise price of $0.05 in the first year and $0.10 in the second year (the "Warrants"). The expiry date for the exercise of the Warrants will be accelerated in the event that the Common Shares trade at or above $0.07 in the first year or $0.13 in the second year for a period of five consecutive trading days. Commissions may be paid to placement advisors. ISSUE PRICE: CDN$5,000 per unit, which consists of 500,000 Common Shares and 500,000 Warrants. Minimum purchase of one unit or $5000. ISSUE SIZE: A maximum offering of CDN$500,000 (the "Offering"). HOLD PERIOD: The Common Shares and the Warrants will be subject to a four month hold period. SELLING JURISDICTIONS: The Units will be offered by way of applicable private placement exemptions in all of the provinces of Canada and to certain international subscribers with the exception of the United States (collectively, the "Subscribers"). CLOSING DATE: January 30, 2009 or such other date as mutually agreed upon between the Corporation and the Subscribers (the "Closing Date").
Simberi Mining Corporation is a Canadian based international mineral development company that develops a portfolio of natural resource properties and companies.
Simberi's flagship development project is the Kakanda Copper/Cobalt project in the Democratic Republic of the Congo. Kakanda is a world class copper/cobalt deposit in the Central African Copper Belt with a NI43-101 report for a tailings deposit with a measured and indicated resource of 18.5 million tonnes with an average grade of 1.2% copper and 0.15% cobalt. Adjacent hard rock deposits have a historical resource of 18.6 million tonnes at 3.19% copper and 0.19% cobalt. Recently Simberi signed a Memorandum of Understanding with Gecamine, the state mining company to jointly develop Kakanda.
Simberi also has three exploration projects in Australia and an interest in a uranium company that is adjacent to Kintyre Uranium property being developed by Cameco. Two properties are located in the Gawler Craton that is host for the copper/uranium/gold Olympic Dam type deposits.