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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Advanced Primary Minerals Corporation | TSXV:APD | TSX Venture | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 0 | - |
Advanced Primary Minerals Corporation (the "Corporation" or "APM") (TSX VENTURE:APD) is pleased to announce that it intends to proceed with a private placement offering of approximately $1,500,000 of common shares to qualified investors at $0.15 per common share, subject to the receipt of all necessary regulatory and stock exchange approvals. Certain of the officers and directors of the Corporation and its parent company, Erdene Resource Development Corporation, which holds approximately 64% of APM's outstanding common shares, have agreed to participate in the offering. The Closing is expected to occur on or before July 31, 2010. The Corporation intends to use the net proceeds of the offering to fund its capital program, for general corporate purposes and debt repayment. The Corporation may pay finders' fees to non-arm's length parties in connection with subscriptions by non-insiders of the Corporation. In addition, the Corporation intends to issue approximately 2,527,340 common shares to Erdene Resource Development Corporation as settlement of CAD$379,101 in existing debt. The common shares issued in connection with the offering and debt repayment will be subject to a four month hold period from the date of issue. About APM APM, through its wholly owned subsidiary, Advanced Primary Minerals USA Corp. (formerly Erdene Materials Corp.), operates a newly constructed kaolin processing plant in Dearing, Georgia and has been active in Georgia and South Carolina for over 10 years exploring for, evaluating, extensively testing and securing high quality primary kaolin resources. APM has also operated an industrial minerals laboratory in Eatonton, Georgia since 1998. The Corporation is targeting value added products that benefit from the unique attributes of its high quality, primary kaolin resource. Target markets include ceramics, paper, paint and coatings, catalysts and other specialty industrial applications. APM has 17,009,626 shares issued and outstanding and a fully diluted share position of 18,708,197.
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