Published: December 01, 2010
Brilliant Mining Announces $27.7 Million Transaction
Brilliant Mining Corp. (TSX VENTURE: BLT) (the "Company" or "Brilliant") is pleased to announce that it has entered into a Memorandum of Understanding ("MOU") with Salida Capital L.P. ("Salida"), whereby the Company will complete a private placement with a number of parties, including Salida, in conjunction with the acquisition of Ivory Resources Inc. ("Ivory"), a private company which holds the rights to carry out an airborne geophysical survey in several west African countries and certain preferential rights to acquire mineral interests based on the results of the survey.
The proposed acquisition and placement transaction and related payments in aggregate will require the issuance of 101,851,851 common shares at a deemed value of $0.27 and cash payments of $225,000 for total consideration of $27,725,000. Units issued pursuant to the transaction include 92,592,592 warrants in aggregate, exercisable at a price of $0.45 within two years, for proceeds of approximately $41.7 million.
To read the complete release at NewsBlaze,
Brilliant Mining Announces $27.7 Million Transaction,
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