By Sheri Kasprzak
Atlanta, Nov. 16 - Silver Wheaton Corp. raised C$48 million in a private placement, the company said Tuesday.
The offering was underwritten by a syndicate led by GMP Securities Ltd. and also including Canaccord Capital Corp., Orion Securities Inc., First Associates Investments Inc., Fort House Inc., Haywood Securities Inc., Salman Partners Inc., Scotia Capital Inc. and Sprott Securities Inc. The underwriters agreed to purchase 64 million units of one share and one half-share warrant for C$0.75.
The whole warrants allow for the purchase of an additional share at C$1.10 for five years.
The underwriters have an option to buy an additional 16 million units, exercisable until 48 hours before the deal closes, for an additional C$12 million. The deal is expected to close Nov. 30.
Based in Vancouver, B.C., Silver Wheaton is a silver exploration company. It plans to use the proceeds from the private placement to fund the cash portion of the purchase price of all the silver produced by Zinkgruvan Mining AB, a subsidiary of Lundin Mining Corp. The company will also use the funds for general corporate purposes.
| Issuer: | Silver Wheaton Corp.
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| Issue: | Units of one share and one half-share warrant
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| Amount: | C$48 million
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| Shares: | 64 million units
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| Price: | C$0.75 per unit
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| Warrants: | One half-share warrant per unit
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| Warrant expiration: | Five years
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| Warrant strike price: | C$1.10
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| Underwriters: | GMP Securities Inc., Canaccord Capital Corp., Orion Securities Inc., First Associates Investments Inc., Fort House Inc., Haywood Securities Inc., Salman Partners Inc., Scotia Capital Inc. and Sprott Securities Inc.
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| Announcement date: | Nov. 16
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| Settlement date: | Nov. 30
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| Stock price: | C$0.86 at close Nov. 15
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