Following the approval by the shareholders at the Annual Meeting of June 17, Malaga Inc. announced the closing of the second tranche of a non-brokered private placement for total gross proceeds of $5.4 million.

The press release is quoted as saying:

The second tranche amounts to gross proceeds of $2.6 million or 17.5 million common shares at a price of $0.15 as well as a warrant to purchase one common share (“warrant”). Each warrant could be redeemed into one common share of Malaga at $0.25 at any time until May 6, 2012. All of the securities issued in connection with the financing will be subject to a four month hold period from the date of issue of June 22, 2010.

Click here to access the entire press release

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