Sendero Mining (SM.V) has announced it closed a second tranche of the earlier announced financing, raising another C$445,000, which brings the total of both tranches to C$685,000, which is a remarkable achievement, as the company has been consistently trading below the C$0.10 place at which the private placement was conducted.
Every share had a full warrant attached, exercisable at C$0.20 for a 5-year period. The proceeds of the financing will be used to pay back approximately C$250,000 in outstanding debt.
Insiders and directors of the company have subscribed for C$175,000, which shows they are really committed to this company. Sendero Mining is the new name of QRS Capital after it merged with Halo Resources. The combined entity should have approximately C$2M in cash.
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Disclosure: The author holds a long position Sendero Mining. Please see our disclaimer for current positions.
