Hedman completes 4.2m-unit placement

A private placement of 4.2 million units at 12 cents each has been completed by Hedman Resources (ASE).

Each unit consists of one common share and one warrant. The warrants can be exchanged for shares at 19 cents each for up to two years after closing. Proceeds will be used for working capital and upgrading a plant. Hedman produces an industrial mineral filler under the trade name “Hedmanite,” at its quarry near Timmins, Ont. Hedmanite is a lizardite mineral used as a filler in the manufacture of brake linings, reinforced plastics, paints and surface coatings.

The placement, which has yet to be approved by regulators and shareholders, constitutes a change of control. No managerial changes are expected, however.