Deal was many times oversold by institutions, high-net-worth clients
By Susanna Moon
Chicago, Aug. 22 - Sabre Resources Ltd. said it placed about 30.8 million shares at A$0.26 per share to institutional, sophisticated and professional investor clients of BBY Ltd. and Octa Phillip Securities Ltd. for proceeds of A$8 million.
The placement was many times oversubscribed by institutions and high-net-worth clients, according to a company press release.
The stock price is an 18.75% discount to the company's closing price on Aug. 21.
Proceeds will be used for following up on results of the drilling program at the highly prospective Guchab copper prospect and Sabre's regional exploration program in the Otavi Mountain Land, as well as for providing additional working capital.
Sabre is a mining company based in Perth, Australia.
| Issuer: | Sabre Resources Ltd
|
| Issue: | Stock
|
| Amount: | A$8 million
|
| Shares: | 30.8 million
|
| Price: | A$0.26
|
| Pricing date: | Aug. 22
|
| Stock symbol: | Australia: SBR
|
| Stock price: | A$0.32 at close Aug. 21
|
| Market capitalization: | A$43.08 million
|
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