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Baffinland Announces Pricing Of Private Placement |
04/25/2005 |
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TORONTO, ONTARIO – Baffinland Iron Mines Corporation (TSX-V:BIM) (the “Company”) announced today that offering prices have been agreed to in respect of the brokered private placement announced April 13, 2005, which is being offered by a syndicate led by First Associates Investments Inc. Specifically, the common shares will be issued at a price of $1.40 per common share and the flow-through common shares will be issued at a price of $1.55 per flow-through common share.
Closing of the private placement, which is currently expected for on or about May 5, 2005, is subject to certain customary conditions, including, but not limited to, the execution of a formal agency agreement and definitive subscription agreements with the subscribers as well as the receipt of all necessary regulatory approvals, including the approval of the TSX Venture Exchange.
The proceeds of the private placement will be used to fund exploration at the Company’s 100%-owned Mary River project and for general corporate purposes.
Certain information in this press release may contain forward-looking statements. This information is based on current expectations that are subject to significant risks and uncertainties that are difficult to predict, including risks relating to the exploration and development of the Company’s iron ore deposits. Actual results might differ materially from results suggested in any forward-looking statements. The Company assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward-looking statements. Additional information identifying risks and uncertainties is contained in the Company’s filings with the Canadian securities regulators, which filings are available at www.sedar.com.
The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or any applicable exemption from the registration requirements. This press release does not constitute an offer to sell or the solicitation of an offer to buy nor will there be any sale of the securities in any state in which such offer, solicitation or sale would be unlawful.
THE TSX VENTURE EXCHANGE INC. HAS NEITHER APPROVED NOR DISAPPROVED THE CONTENTS OF THIS PRESS RELEASE.
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