Brokered offering conducted by syndicate to finance Lamaque Gold Mine
By Devika Patel
Knoxville, Tenn., Dec. 23 - Century Mining Corp. said it has settled a private placement of units. The deal priced for C$5 million with a C$2 million greenshoe on Nov. 12 and raised C$4.03 million.
The company sold 10,324,600 units at C$0.39 apiece. Each unit consists of one common share and one half-share warrant.
Each whole 18-month warrant will be exercisable at C$0.60, a 37.93% premium to the Nov. 11 closing share price of C$0.435.
The placement was completed by a syndicate of agents led by Haywood Securities Inc. and including Byron Capital Markets and Union Securities Ltd.
Proceeds will fund the underground development of the Lamaque Flats, the Bedard Dyke and the North Wall ore production zones at the company's Lamaque Gold Mine operation in Val d'Or, Quebec.
Century is a gold mining company based in Blaine, Wash.
| Issuer: | Century Mining Corp.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | C$4,026,594
|
| Units: | 10,324,600
|
| Price: | C$0.39
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | 18 months
|
| Warrant strike price: | C$0.60
|
| Agents: | Haywood Securities Inc. (lead), Byron Capital Markets and Union Securities Ltd.
|
| Pricing date: | Nov. 12
|
| Settlement date: | Dec. 23
|
| Stock symbol: | TSX Venture: CMM
|
| Stock price: | C$0.435 at close Nov. 11
|
| Market capitalization: | C$168.5 million
|
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