Antares Minerals Inc. (TSX-V: ANM) has confirmed that IFC, a member of the World Bank Group, has completed the exercise of all 3,750,000 warrants to acquire 3,750,000 common shares of the company for a total price of $7.5 million. The warrants were acquired in July of 2009 by IFC in connection with a private placement.
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As consideration for IFC agreeing to the early exercise of the warrant, Antares issued 1,875,000 new common share purchase warrants to IFC. Each new warrant enables IFC to acquire a common share at a price of $3.00 through July 22, 2014. The company has also granted IFC a contractual right to participating in any future Antares financing.
Antares is focused on the acquisition and exploration of precious and base-metal exploration properties in Latin America that can be quickly and cost-effectively advanced to the discovery and production stage.
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