By Laura Lutz
Washington, Feb. 1 - Linear Metals Corp. priced an C$8.75 million private placement of units.
The company plans to sell 5 million units of one share and one half-share warrant at C$1.75 per unit. Each whole warrant will be exercisable at C$1.75 for two years.
The deal will be placed through a syndicate of underwriters led by Sprott Securities Inc. and including Orion Securities Inc., Haywood Securities Inc. and Canaccord Adams.
Settlement is expected on Feb. 22.
Proceeds will be used for exploration at the company's Cobre Grande project and for general corporate purposes.
Linear Metals is a Halifax, N.S.-based resource exploration company.
Issuer: | Linear Metals Corp.
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Issue: | Units of one share and one half-share warrant
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Amount: | C$8.75 million
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Units: | 5 million
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Price: | C$1.75
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Warrants: | One half-share warrant
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Warrant expiration: | Two years
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Warrant strike price: | C$1.75
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Underwriters: | Sprott Securities Inc. (lead), Orion Securities Inc., Haywood Securities Inc., Canaccord Adams
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Pricing date: | Feb. 1
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Settlement date: | Feb. 22
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Stock symbol: | TSX Venture: LRM
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Stock price: | C$1.90 at close Feb. 1
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