Northern Mining eyes $10 million

Dundee Securities will use its best efforts to privately place units of Northern Mining Explorations (MDN-T) with the goal of raising up to $10 million.

The units, priced at 75 apiece, each comprise one share accompanied by a warrant to purchase an additional share at $1 for five years after closing, which is slated for Jan. 13, 2004. Dundee can boost the issue by up to $3.5 million before closing. The deal is subject to regulatory and shareholder approval.

MDN plans to use the proceeds to explore its Tanzanian and Eritrean properties. A portion will also go to reimburse US$3.0 million worth of the company’s convertible debentures owed to Australian-based Resolute Mining with the balance being added to MDN’s working capital.