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Baffinland Announces Private Placement To Fund Iron Ore Exploration |
04/13/2005 |
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TORONTO, ONTARIO – Baffinland Iron Mines Corporation (TSX-V:BIM) (the “Company”) announced today that it has entered into an agreement to issue by way of a brokered private placement common shares for gross proceeds of $5 million and flow-through common shares for gross proceeds of $10 million, at prices to be determined. The syndicate, as set out below, has the option to issue additional common shares and flow-through common shares such that the total gross proceeds of the private placement will be up to $17 million.
The common shares and flow-through common shares will be offered for sale on a best efforts basis by a syndicate led by First Associates Investments Inc., and including Raymond James Limited, Dundee Securities Corporation, Haywood Securities Inc. and Wellington West Capital Markets Inc.
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.
The Company expects to issue a further press release disclosing additional details of the private placement.
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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