13, 2007 TSX:BAJ
BAJA MINING ANNOUNCES PRIVATE
PLACEMENT OF CDN$45+ MILLION
Baja Mining Corp. (the “Company”) is pleased to announce
that it has reached agreements for the private placement (the
“Offering”) of 24,215,000 Units at a price of $1.86 per Unit for
gross proceeds of $45,039,900.
The Offering will consist of a non-brokered placement of 16,150,000
Units and an underwriting on a “Bought Deal” basis of a further 8,065,000
Units by Versant Partners, of Toronto,
Ontario. Commissions will be paid
in accordance with industry standards.
Each unit shall consist of one common share and 0.65 of one common
share purchase warrant. Each whole warrant will entitle the holder to purchase
one additional common share of the Company at a price of $2.50 for 60 months from
the closing date.
event that the common shares of the Company trade on the Toronto Stock Exchange
(“TSX”) (or any other stock exchange on which the common shares of
the Company are then listed )at a closing price of greater than $5.00 per
common share for a period of 20 consecutive trading days at any time after the
applicable hold period, the Company may accelerate the expiry date of the
Warrants by giving notice to the holder hereof and in such case the Warrants
will expire on the 60th day after the date on which such notice is
given by the Company.
proceeds of the Offering will be applied to the development, construction and
working capital costs of the El Boleo project (the “Project”)
located in Santa Rosalia, Baja California Sur, Mexico, which is 100% owned by
Offering will be effected pursuant to prospectus exemptions under applicable
securities legislation and may close in two or more tranches. The Offering is
subject to receipt of all necessary corporate and regulatory approvals,
including the acceptance of the TSX. The shares and warrants issued in the
placement will be subject to a four-month “hold period” under
applicable securities legislation and stock exchange rules.
close of market on September 12, 2007, there were 113,551,509 common shares of the Company
issued and outstanding.
ON BEHALF OF THE BOARD OF
BAJA MINING CORP.
“John W. Greenslade”
JOHN W. GREENSLADE,
information please contact John Greenslade,
President, at (604) 685-2323
the statements contained in this release are forward-looking statements, such
as statements that describe the Company’s expected completion of
securities documentation, timing and approval of regulatory authorities,
expected timing of closing date, and other statements. Since forward-looking
statements are not statements of historical fact and address future events,
conditions and expectations, forward-looking statements by their nature
inherently involve unknown risks, uncertainties, assumptions and other factors
well beyond the Company’s ability to control or predict. Actual results
and developments may differ materially from those contemplated by such
forward-looking statements. Material factors that could cause actual revenues
to differ materially from those contained in such forwarding-looking statements
include (i) fluctuations on the prices of copper, cobalt, zinc and manganese,
(ii) interpretation of contract terms, (iii) accuracy of the Company’s
and consultants’ projections, (iv) the Company’s ability to
finance, receive permits for, obtain equipment, construct and develop the El
Boleo Project, (v) the effects of weather; operating hazards; adverse
geological conditions and global warming, (vi) impact of availability of labor,
materials and equipment; and (vii) changes in governmental laws, regulations,
economic conditions or shifts in political attitudes or stability.
These forward-looking statements
represent the Company’s views as of the date of this release. There can
be no assurance that forward-looking statements will prove to be accurate, as
actual results and future events could differ materially from those anticipated
in such statements. Readers should not place undue reliance on any