Company sells equity on a non-brokered basis in oversubscribed deal
By Devika Patel
Knoxville, Tenn., Dec. 17 - Nevado Resources Corp. said it has settled an oversubscribed non-brokered private placement of units. The deal priced for C$3.6 million on Dec. 13 and the company raised C$3.74 million on a commercially reasonable basis.
The company sold 4,630,327 flow-through units of one flow-through common share and one half-share warrant at C$0.35 each for C$1.62 million. The whole warrants are exercisable at C$0.50 each for two years.
The company also sold 958,642 super flow-through units of the equivalent of one common share and one half-share warrant at C$0.35 each for C$335,525. The common share equivalent consists of 0.8 of a flow-through share and 0.2 of a non-flow-through share. The whole warrants are exercisable at C$0.50 each for two years.
Nevado Resources also sold 5,946,832 non flow-through units of one flow-through common share and one warrant at C$0.45 each for C$1.78 million. The warrants are exercisable at C$0.27 each for two years.
The warrant strike prices are 66.67% and 50% premiums to the Dec. 10 closing share price of C$0.30.
Proceeds will be used to advance the company's higher grade Iron, Titanium and Vanadium La Blache Property and as general working capital.
Based in Montreal, Nevado owns six properties in Quebec in two separate metallogenic environments, one in high grade iron-titanium-vanadium and one in gold.
| Issuer: | Nevado Resources Corp.
|
| Issue: | Flow-through units of one flow-through common share and one half-share warrant, super flow-through units of 0.8 flow-through shares, 0.2 non flow-through shares and one half-share warrant, non flow-through units of one common share and one warrant
|
| Amount: | C$3,740,190
|
| Warrant expiration: | Two years
|
| Agent: | Non-brokered
|
| Pricing date: | Dec. 13
|
| Settlement date: | Dec. 17
|
| Stock symbol: | TSX Venture: VDO
|
| Stock price: | C$0.30 at close Dec. 10
|
| Market capitalization: | C$6.17 million
|
|
|
| Flow-through units
|
| Amount: | C$1,620,615
|
| Units: | 4,630,327
|
| Price: | C$0.35
|
| Warrants: | One half-share warrant per unit
|
| Warrant strike price: | C$0.50
|
|
|
| Super flow-through units
|
| Amount: | C$335,525
|
| Units: | 958,642
|
| Price: | C$0.35
|
| Warrants: | One half-share warrant per unit
|
| Warrant strike price: | C$0.50
|
|
|
| Non flow-through units
|
| Amount: | C$1,784,050
|
| Units: | 5,946,832
|
| Price: | C$0.30
|
| Warrants: | One warrant per unit
|
| Warrant strike price: | C$0.45
|
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