Mines Management Inc. Closes Unit Offering
30 July 2014 - 11:41PM
Spokane, Washington, July 30, 2014 - Mines
Management, Inc. ("Mines Management" or the "Company")
(NYSE-MARKET: MGN, TSX: MGT) is pleased to announce that it has
closed the previously announced financing in which it had agreed to
sell 4,000 units consisting of one share of the Company's Series B
6% Convertible Preferred Stock, no par value, and a warrant to
purchase approximately 636 shares of the Company's common stock,
par value $0.001 per share, at a price to the public of $1,000 per
unit. Each share of Series B Convertible Preferred Stock is
convertible into shares of common stock at a conversion rate of
approximately 1,271 shares of common stock for each share of Series
B Convertible Preferred Stock (equivalent to a conversion price of
$0.7866 per share of common stock). The warrants are immediately
exercisable at an exercise price of $1.0816 per share and will
expire 52 months from the date of issuance. The offering yielded
gross proceeds, before estimated offering expenses, of $4.0
million, and Mines Management intends to use the net proceeds from
this offering for (i) the advancement of the permitting process for
its Montanore Project and preparation for the delineation drilling
program, which will include completion of the dewatering and
rehabilitation of the Libby adit and (ii) general corporate
purposes, including possible acquisition and exploration of new
mining properties.
Roth Capital Partners acted as the exclusive
placement agent for the offering.
This news release shall not constitute an offer to
sell or the solicitation of an offer to buy, nor shall there be any
sale of these securities in any state or jurisdiction in which the
offer, solicitation or sale would be unlawful prior to registration
or qualification under the securities laws of any such state or
jurisdiction.
About Mines
Management
Mines Management, Inc. is
engaged in the business of acquiring and exploring, and if
exploration is successful, developing mineral properties, primarily
those containing silver and associated base and precious metals.
Its primary focus is on the advancement of the Montanore
silver-copper project located in northwestern Montana.
This press release contains forward-looking
statements within the meaning of the U.S. Securities Act of 1933,
as amended, and U.S. Securities Exchange Act of 1934, as amended,
including statements regarding this proposed offering.
Forward-looking statements are all statements, other than
statements of historical facts, included in this press release that
address activities, events or developments that Mines Management
expects or anticipates will or may occur in the future, including
such things as whether or when the offering may be completed, the
size or terms of the offering and the anticipated use of proceeds.
When used in this press release, the words "potential", "indicate",
"expect", "intend", "possible", "hopes," "believe," "may," "if" and
similar expressions are intended to identify forward-looking
statements. These statements involve known and unknown risks,
uncertainties and other factors which may cause the actual results,
performance or achievements of Mines Management to be materially
different from any future results, performance or achievements
expressed or implied by such statements. Such factors include,
among others, uncertainty of market response to the offering, the
future use of proceeds, fluctuations in silver and copper prices,
general economic conditions, economic or political events affecting
the supply of and demand for silver and copper, changes in U.S.
securities markets, failure to receive regulatory approvals or
changes in the attitude of state and local officials to the
Montanore Project; as well as those factors discussed in Mines
Management's latest Annual Report on Form 10-K and Quarterly Report
on Form 10-Q and other documents filed with the U.S. Securities and
Exchange Commission. Although Mines Management has attempted to
identify important factors that could cause actual results to
differ materially from those described in forward-looking
statements, there may be other factors that cause results not to be
as anticipated, estimated or intended. Except as required by law,
Mines Management assumes no obligation to publicly update any
forward-looking statements, whether as a result of new information,
future events or otherwise.
For further information, please contact:
For more information, contact:
Douglas D. Dobbs
President, Mines Management, Inc.
Phone: 509-838-6050
Fax: 509-838-0486
Email: info@minesmanagement.com
Web: www.minesmanagement.com
This
announcement is distributed by NASDAQ OMX Corporate Solutions on
behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Mines Management Inc. via Globenewswire
HUG#1844273