Jaguar Mining Inc. intends to undertake a nonbrokered private placement to raise gross proceeds of about US$6 million, it said June 5.

The company will issue common shares at 44 Canadian cents apiece. Jaguar has received subscription offers from qualified investors to participate in the financing.

The financing is expected to close by June 15.

Net proceeds will be used for continuing capital investment programs and working capital requirements at Jaguar's Brazilian operations in Minas Gerais state.