Adanac Molybdenum Corp. (TSX:AUA) has raised $15.4 million in a private placement co-led by Haywood Securities Inc. and MGI Securities Inc.
According to the Vancouver company, the funds will be used in part to finance construction of the company's Ruby Creek molybdenum project in northeastern B.C., 124 kilometres southeast of Whitehorse, Yukon.
Within the private placement, Adanac issued 7.1 million flow-through shares at $1.05 each and 8.3 million units at $0.95 each. The units include one common share and half a common share purchase warrant. Each warrant is exercisable at a price of $1.20 until December 31, 2009.
Adanac's share price range during the past week: between $0.96 and $1; 52-week high: $2.75; 52-week low: $0.90.