By Sheri Kasprzak
Atlanta, Nov. 19 - Greystar Resources Ltd. said Friday it has raised C$21.7 million in an upsized private placement.
The company sold 7 million units of one share and one half of one transferable warrant at C$3.10.
The whole warrants allow for the purchase of an additional share at C$4 per share through Nov. 17, 2006. The expiry on the warrants may be accelerated if, at any time before March 19, 2005, the closing price of the company's shares is more than C$5 for 20 or more trading days.
On Oct. 26, the deal was announced as a C$18.6 million offering. Placement agents Jennings Capital Inc. and Oceans Equities Ltd. exercised a greenshoe for an additional C$3.1 million
Greystar is a gold and silver mining company based in Vancouver, B.C. The company intends to use the proceeds from the financing for the advancement of one of its projects, for exploration and for general working capital.
| Issuer: | Greystar Resources Ltd.
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| Issue: | Units of one share and one half of one transferable warrant
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| Amount: | C$21.7 million
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| Shares: | 7 million units
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| Price: | C$3.10
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| Warrants: | One half of one transferable warrant per unit
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| Warrant expiration: | Nov. 17, 2006
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| Warrant strike price: | C$4
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| Placement agent: | Jennings Capital Inc. and Oceans Equities Ltd.
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| Announcement date: | Oct. 26
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| Settlement date: | Nov. 17
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| Stock price: | C$3.35 at close Oct. 26
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| Stock price: | C$3.35 at close Nov. 17
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