Mines Management (MGN) Announces 6M Common Share Offering
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Mines Management, Inc. (AMEX: MGN) is pleased to announce that it intends to offer 6,000,000 shares of its common stock pursuant to the Company's shelf registration statement declared effective by the U.S. Securities and Exchange Commission. The Company intends to grant the underwriter a 30-day option to purchase up to 900,000 additional shares of common stock to cover over-allotments, if any.
Mines Management intends to use the net proceeds from this offering for (i) the advanced exploration and delineation drilling program for its Montanore Project, which will include the funding of the Company's drilling program and the preparation of a feasibility study; (ii) the possible acquisition and exploration of new precious metals projects, properties or companies; and (iii) general corporate purposes.
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