Company sells 7.86 million units via agents Dundee and PI Financial
By Devika Patel
Knoxville, Tenn., Oct. 31 - Kootenay Silver Inc. said it settled a C$1.05 million second tranche of an C$8.25 million private placement of units. The deal priced for C$6.01 million with a C$2.21 million greenshoe on Oct. 4 and raised C$7.2 million on Oct. 25.
The company sold 6.86 million units of one common share and one half-share warrant at C$1.05 per unit on a best-efforts basis in the first tranche and 1 million units in the second tranche.
Each whole warrant is exercisable at C$1.30 for two years. The strike price reflects a 16.07% premium to the Oct. 3 closing share price of C$1.12.
The offering was conducted by a syndicate of agents that includes Dundee Securities Ltd. and PI Financial Corp.
Proceeds will be used to advance the Promontorio project, to maintain other projects and for general corporate purposes.
Kootenay is a silver exploration company based in Vancouver, B.C.
| Issuer: | Kootenay Silver Inc.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | C$8,253,000
|
| Units: | 7.86 million
|
| Price: | C$1.05
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$1.30
|
| Agents: | Dundee Securities Ltd. and PI Financial Corp.
|
| Pricing date: | Oct. 4
|
| Settlement dates: | Oct. 25 (for C$7,203,000), Oct. 31 (for C$1.05 million)
|
| Stock symbol: | TSX Venture: KTN
|
| Stock price: | C$1.12 at close Oct. 3
|
| Market capitalization: | C$54.46 million
|
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