Scorpion seeking finance

Scorpion seeking finance

TORONTO (Reuter): Scorpion Minerals Inc said it planned to raise between C$15 million and C$19.5 million through the private placement of special warrants.

Loewen, Ondaatje, McCutcheon Ltd agreed to complete the financing, Scorpion said.

The proceeds would be used to fund continued exploration and development of mineral properties in Indonesia, it said.

The offering will consist of a minimum of two million and a maximum of 2.6 million special warrants at a price of C$7.50 per unit. Each special warrant will entitle the holder to acquire, without payment of additional consideration, one unit consisting of one common share and one-half of one common share purchase warrant.

Each whole common share purchase warrant entitles the holder to buy one common share for C$9 a share for up to 18 months after the closing date.