Brokered, best-efforts offering was oversubscribed, company reports
By Devika Patel
Knoxville, Tenn., Aug. 30 - Foran Mining Corp. announced it has settled a C$5.04 million private placement of units and stock. The oversubscribed deal priced for C$3.5 million with a 15% greenshoe on Aug. 14.
The company sold 5,719,769 units of one common share and one half-share warrant at C$0.58 per unit and 2,648,077 flow-through common shares at C$0.65 each.
Each whole warrant is exercisable at C$0.80 until Aug. 29, 2013.
The strike price represents a 25% premium to C$0.64, the Aug. 13 closing share price. The price per share is a 1.56% premium to that price.
The deal was conducted on a best-efforts basis by lead agent Stifel Nicolaus Canada Inc. and Fraser Mackenzie Ltd.
Proceeds will be used for exploration and general working capital.
Foran is a mining company based in Vancouver, B.C.
| Issuer: | Foran Mining Corp.
|
| Issue: | Units of one common share and one half-share warrant, flow-through common shares
|
| Amount: | C$5,038,716
|
| Agents: | Stifel Nicolaus Canada Inc. (lead) and Fraser Mackenzie Ltd.
|
| Pricing date: | Aug. 14
|
| Settlement date: | Aug. 30
|
| Stock symbol: | TSX Venture: FOM
|
| Stock price: | C$0.64 at close Aug. 13
|
| Market capitalization: | C$39.92 million
|
|
|
| Units
|
| Amount: | C$3,317,466
|
| Units: | 5,719,769
|
| Price: | C$0.58
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Aug. 29, 2013
|
| Warrant strike price: | C$0.80
|
|
|
| Shares
|
| Amount: | C$1,721,250
|
| Shares: | 2,648,077
|
| Price: | C$0.65
|
| Warrants: | No
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
