Teako Minerals Edges Up As Closes Oversubscribed Private Placement; Welcomes Strategic Shareholders
Teako Minerals (TMIN.CN) was edging up early Friday as it closed the second and final tranche of its previously announced non-brokered private placement offering of its common shares.Pursuant to the second and final tranche of the offering, the company issued 12.27-million common shares at $0.06 apiece for total proceeds of about $736,230 resulting in an oversubscription of the offering. The company said the first tranche of the offering was subscribed by one of its largest German investors, together with new German investors and insiders, as previously disclosed.It added the second and final tranche attracted strong participation from both existing and new investors, with the majority based in Norway. These parties, as a result, now hold a combined direct and indirect ownership of about 7.99% of the company.Proceeds will be used for anticipated exploration activities as well as general working capital needs.Shares of the company were last seen up $0.005 at $0.06 on the Canadian Securities Exchange.
