White Tiger Mining to raise up to $1.5m
Junior explorer White Tiger Mining (CVE:WTC) said Friday that it plans to raise up to $1.5 million through a non-brokered private placement financing.
The company will issue up to 5.0 million non-flow through units at $0.30 each. Each unit will consist of one common share and one half of a share purchase warrant, with each whole warrant entitling the holder to purchase an additional common share at $0.40 for a period of one year from closing.
The new funds will be used for additional drilling on its RM Zone, a target on its Marshall Lake copper, silver and gold property in Ontario.
During the current drill program at the property, the strike length of copper mineralization has been traced for 125 metres towards the historical copper occurrence known as the "Lease Zone", allowing the current RM Zone a potential 325 metre of strike length.
The company said that it may pay finders' fees in the amount of 7% of the proceeds raised from the offering.
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