Deal consists of 69.12 million shares at C$0.50 each, a 3.85% discount
By Devika Patel
Knoxville, Tenn., April 20 - Eacom Timber Corp. said it took in C$34.56 million in a private placement of stock. The deal priced for C$30 million on April 4 with a C$5 million greenshoe and was conducted via a syndicate of agents led by Canaccord Genuity Corp. and including Dundee Securities Ltd.
The company sold 69,122,500 common shares at C$0.50 per share on a commercially reasonable best-efforts basis. Of the shares, 9,122,500 were part of the partially exercised greenshoe. The price per share is a 3.85% discount to C$0.52, the April 1 closing share price.
Proceeds will be used for working capital and general corporate purposes.
The timber company is based in Richmond, B.C.
| Issuer: | Eacom Timber Corp.
|
| Issue: | Common stock
|
| Amount: | C$34,561,250 (including C$4,561,250 greenshoe exercise)
|
| Shares: | 69,122,500
|
| Price: | C$0.50
|
| Warrants: | No
|
| Agents: | Canaccord Genuity Corp. (lead), Dundee Securities Ltd.
|
| Pricing date: | April 4
|
| Settlement date: | April 20
|
| Stock symbol: | TSX Venture: ETR
|
| Stock price: | C$0.54 at close April 4
|
| Market capitalization: | C$196.65 million
|
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