By Laura Lutz
Des Moines, April 12 - Crowflight Minerals Inc. settled its private placement of units and flow-through shares for C$25 million, up from the C$20 million size announced when the deal priced on March 26.
The company sold 15.625 million units at C$0.80 per unit and 12.5 million flow-through shares at C$1.00 per share.
Each unit will consist of one share and one half-share warrant with each whole warrant exercisable at C$1.15 for one year.
Expiry of the warrants may be accelerated to 30 days if the volume-weighted average price of the company's shares exceeds C$1.50 on each of 15 consecutive trading days.
The deal was underwritten by a syndicate led by Orion Securities Inc. and including Canaccord Capital Corp., Cormark Securities Inc. and Pacific International Securities Inc.
Proceeds will be used for exploration and development and for general corporate purposes.
Crowflight is a resource exploration company based in Toronto.
| Issuer: | Crowflight Minerals Inc.
|
| Issue: | Units of one share and one half-share warrant; flow-through shares
|
| Amount: | C$25 million
|
| Underwriters: | Orion Securities Inc. (lead), Canaccord Adams Inc., Cormark Securities Inc., Pacific International Securities Inc.
|
| Pricing date: | March 26
|
| Settlement date: | April 12
|
| Stock symbol: | TSX Venture: CML
|
| Stock price: | C$0.83 at close March 26
|
| Stock price: | C$0.95 at close April 12
|
|
|
| Units
|
| Units: | 15.625 million
|
| Price: | C$0.80
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | One year
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| Warrant strike price: | C$1.15
|
|
|
| Flow-through shares
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| Shares: | 12.5 million
|
| Price: | C$1.00
|
| Warrants: | No
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