By Sheri Kasprzak
Atlanta, Nov. 23 - Nemi Northern Energy & Mining Inc. has increased the size of its previously announced private placement.
The company will now sell 1.5 million flow-through units of one flow-through class A share and one warrant at C$2 per unit, and up to 16,142,858 non flow-through units of one non flow-through class A share and one warrant at C$1.75 per unit.
Each warrant allows for the purchase of an additional share at C$2.10 each for 18 months.
The price of the warrants was raised to C$2.10 from C$2.00.
The deal was originally announced Nov. 12 as a C$25 million deal.
Salman Partners Inc. is placement agent in the offering.
Nemi Northern is a Vancouver, B.C.-based coal exploration company. The company plans to use the proceeds from the deal for exploration and development work on its Trend and Saxon coal properties in British Columbia and for working capital.
| Issuer: | Nemi Northern Energy & Mining Inc.
|
| Issue: | Flow-through and non flow-through units
|
| Amount: | C$31.25 million
|
| Placement agent: | Salman Partners Inc.
|
| Pricing date: | Nov. 12
|
| Upsized: | Nov. 22
|
| Stock price: | C$1.75 at close Nov. 12
|
| Stock price: | C$2.30 at close Nov. 22
|
|
|
| Flow-through units
|
| Issue: | Flow-through units of one flow-through class A share and one warrant
|
| Units: | 1.5 million
|
| Price: | C$2.00
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | 18 months
|
| Warrant strike price: | C$2.10
|
|
|
| Non flow-through units
|
| Issue: | Non flow-through units of one class A share and one warrant
|
| Units: | 16,142,858
|
| Price: | C$1.75
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | 18 months
|
| Warrant strike price: | C$2.10
|
|
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