Sundance Minerals Postpones IPO
Sundance Minerals Ltd. announced today that market conditions have not permitted the company to complete a planned initial public offering.
Sundance has instead completed a private placement for gross proceeds of $310,000 at $0.20 per unit consisting of one common share and one common share purchase warrant exercisable at $0.30 for two years. The proceeds of the private placement will be used to fund minimum required operating expenditures.
In addition, Sundance continues to work on seeking joint venture partners for its properties. The company has temporarily closed operations in Kazakhstan in an effort to reduce expenditures.
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