White Tiger Announces Non-Brokered Private Placement for Up to $1.5 Million
December 01 2010 - 12:03PM
Marketwired
White Tiger Mining Corp. (the "Company" or "White Tiger") (TSX
VENTURE: WTC)(FRANKFURT: W0I) is pleased to announce that, subject
to regulatory acceptance, it intends to proceed with a non-brokered
private placement financing (the "Private Placement") of up to
5,000,000 units (the "Units") of the Company at a price of $0.30
per Unit for aggregate proceeds of up to $1.5 million. Each Unit
will consist of one common share in the capital of the Company and
one-half (1/2) of one non-transferable share purchase warrant (each
whole warrant a "Series A Warrant"), with each Series A Warrant
entitling the holder to purchase one additional common share at a
price of $0.40 for a period of 1 year from the date of closing of
the Private Placement. Further, if the closing price of the
Company's shares as traded on the TSX Venture Exchange is $0.60 or
greater for a period of 20 consecutive trading days, the Company
may give notice of an earlier expiry of the Series A Warrants, in
which case they would expire 30 calendar days from the giving of
such notice; provided further that, if a subscriber exercises any
Series A Warrants during the term thereof, the Company will issue
to that subscriber that number of Series B Warrants equal to the
number of Series A Warrants exercised, with each Series B Warrant
entitling the holder to purchase one additional common share at a
price of $0.50 for a period of 2 years from the date of closing of
the Private Placement. Further, if the closing price of the
Company's shares as traded on the TSX Venture Exchange is $0.75 or
greater for a period of 20 consecutive trading days, the Company
may give notice of an earlier expiry of the Series B Warrants, in
which case they would expire 30 calendar days from the giving of
such notice. The Units will be subject to regulations governing
private placement distributions, and are being sold with a
four-month plus one day restriction period, during which time the
shares will be restricted from trading. Finders' fees of 8% in cash
or Units are expected to be paid on a portion of the offering, with
8% finders' options also expected to be paid on a portion of the
offering.
The Company intends to use the proceeds from this Private
Placement for furthering the exploration and development of the
Company's Marshall Lake copper, silver, gold property project in
Ontario and for general working capital purposes. For further
details on the Marshall Lake property project, see the Company's
website (www.whitetigermining.com) and White Tiger's recent news
releases dated November 3, November 17 and December 1, 2010.
White Tiger Mining Corp.
Douglas L. Mason, Director (Chairman)
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Contacts: White Tiger Mining Corp. Mr. Clive Shallow Investor
Relations 604-922-2030 604-922-2037 (FAX) info@whitetigermining.com
www.whitetigermining.com
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