By Sheri Kasprzak
New York, Oct. 19 - Balloch Resources Ltd. said it has completed a private placement of subscription receipts for C$17.5 million.
The company sold 14 million receipts at C$1.25 each through a syndicate of placement agents led by GMP Securities Ltd. and Quest Securities Corp.
The receipts are exchangeable on a one-for-one basis for common shares once Balloch files a technical report with regard to properties, lands and concessions involved with the Kamoto joint venture assets in the Democratic Republic of Congo.
The deal was first announced as a C$17 million offering of 13.6 million receipts under the same terms on Sept. 2.
Haywood Securities Inc. was also part of the syndicate of placement agents.
The proceeds will be used to fund the acquisition and to fund a feasibility study on the property. Based in Toronto, Balloch is a mineral exploration company.
| Issuer: | Balloch Resources Ltd.
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| Issue: | Subscription receipts exchangeable for common shares
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| Amount: | C$17.5 million
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| Receipts: | 14 million
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| Price: | C$1.25
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| Warrants: | No
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| Placement agents: | GMP Securities Ltd. (lead); Quest Securities Corp. (lead); Haywood Securities Inc.
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| Pricing date: | Sept. 2
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| Settlement date: | Oct. 19
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| Stock price: | C$1.78 at close Sept. 2
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| Stock price: | C$2.25 at close Oct. 19
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