Proceeds used for exploration of properties in Africa, working capital
By Devika Patel
Knoxville, Tenn., July 14 - Volta Resources Inc. said it plans a C$40 million private placement of special warrants. The deal has a C$6 million greenshoe.
The company will sell 21,053,000 special warrants at C$1.90 each, which is an 8.21% discount to the July 13 closing share price of C$2.07. The special warrants are convertible into common shares.
Settlement is expected Aug. 4.
The deal will be conducted by a syndicate of underwriters led by Cormark Securities Ltd. and including Scotia Capital Inc., Wellington West Capital Markets Inc., Jennings Capital Inc. and M Partners Inc. on a bought-deal basis.
Proceeds will be used for exploration and development activities on the company's portfolio of gold properties in West Africa and for general corporate purposes and working capital.
Volta is a Toronto-based mineral exploration company primarily focused on gold.
| Issuer: | Volta Resources Inc.
|
| Issue: | Special warrants convertible into common shares
|
| Amount: | C$40 million
|
| Greenshoe: | C$6,000,105
|
| Special warrants: | 21,053,000
|
| Price: | C$1.90
|
| Warrants: | No
|
| Underwriters: | Cormark Securities Ltd. (lead), Scotia Capital Inc., Wellington West Capital Markets Inc., Jennings Capital Inc. and M Partners Inc.
|
| Pricing date: | July 14
|
| Settlement date: | Aug. 4
|
| Stock symbol: | Toronto: VTR
|
| Stock price: | C$2.07 at close July 13
|
| Market capitalization: | C$271.87 million
|
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