Eurasian Minerals Completes $3M Tranche of CAD$17.875M Private Placement
Eurasian Minerals Inc. (TSX-V: EMX) announced the completion of the second tranche of its CAD $17.875 million private placement by the sale of 921,000 units for proceeds of CAD $2,993,250. Each unit, priced at CAD $3.25, consisted of one common share and one-half of one common share purchase warrant. Each full warrant entitles the warrant holder to purchase one additional common share of EMX until March 14, 2013 at a purchase price of CAD $4.00.
Newmont Mining Corporation of Canada Limited, a wholly-owned subsidiary of Newmont Mining Corporation (NYSE:NEM), purchased 500,000 units for proceeds of CAD $1,625,000 in this second tranche of the placement. EMX and Newmont are jointly exploring over 281,000 hectares of prospecting permits along northwest Haiti's prospective Massif du Nord mineral belt, including multiple gold, copper, copper-gold and gold-silver occurrences, prospects, and deposits. Newmont is funding and managing the exploration programs on all of EMX's properties in the venture as a condition of Newmont's earn-in requirements.
The company issued to finders a total of 16,150 units (being 5% of the number of units issued to investors introduced by finders) and 16,150 finder warrants (being 5% of such units).Each finder warrant is exercisable for two years to acquire one common share for CAD $3.50.
The shares, including the shares issuable on exercise of warrants, are subject to restrictions on transfer until July 15, 2011. EMX expects the next (and final) tranche of 3,034,000 units for proceeds of CAD$9,860,500 will close shortly.