By Laura Lutz
Des Moines, Sept. 13 - Baffinland Iron Mines Corp. arranged a private placement of shares for C$25.5 million.
The company plans to sell 2,656,250 non flow-through shares at C$3.20 each and 4,358,974 flow-through shares at C$3.90 each.
Raymond James Ltd. will lead a syndicate of underwriters that will also include BMO Capital Markets; GMP Securities LP; National Bank Financial Inc.; and Loewen, Ondaatje, McCutcheon Ltd.
The underwriters have a greenshoe for up to 468,750 non flow-through shares and up to 769,230 flow-through shares, for additional proceeds of up to C$4.5 million.
Proceeds will be used for exploration and general corporate purposes.
Baffinland is a Toronto-based mining company focused on iron ore deposits on Baffin Island in Canada.
| Issuer: | Baffinland Iron Mines Corp.
|
| Issue: | Non flow-through shares and flow-through shares
|
| Amount: | C$25.5 million
|
| Greenshoe: | C$4.5 million
|
| Underwriters: | Raymond James Ltd. (lead); BMO Capital Markets; GMP Securities LP; National Bank Financial Inc.; Loewen, Ondaatje, McCutcheon Ltd.
|
| Pricing date: | Sept. 13
|
| Stock symbol: | Toronto: BIM
|
| Stock price: | C$3.35 at close Sept. 13
|
|
|
| Non flow-through shares
|
| Shares: | 2,656,250
|
| Greenshoe: | For 468,750 non flow-through shares
|
| Price: | C$3.20
|
| Warrants: | No
|
|
|
| Flow-through shares
|
| Shares: | 4,358,974
|
| Greenshoe: | For 769,230 flow-through shares
|
| Price: | C$3.90
|
| Warrants: | No
|
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