Published on 4/8/2011 in the Prospect News PIPE Daily.
Mongolia Growth wraps C$14.86 million private placement of stock
Proceeds fund insurance company, real estate purchases, investments
By Devika Patel
Knoxville, Tenn., April 8 - Mongolia Growth Group Ltd. said it settled a C$14.86 million non-brokered private placement of stock. The deal priced for C$10 million with a C$5 million greenshoe on March 21.
The company sold 11,257,923 common shares at C$1.32 apiece, a 37.14% discount to the March 18 closing share price of C$2.10.
Insiders William Fleckenstein invested C$2.05 million, Harris Kupperman invested C$1.32 million, Paulo Bilezikjian invested C$198,000, Jordan Calonego invested C$132,000 and Paul Sweeney also chipped in C$132,000.
Proceeds will be used to fund the recently announced insurance company, purchase leasable real estate, take advantage of investment opportunities and for general corporate purposes.
The Calgary, Alta., company operates a real estate businesses in Mongolia.
Issuer: | Mongolia Growth Group Ltd.
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Issue: | Common shares
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Amount: | C$14,860,458 (including C$4,860,458 greenshoe)
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Shares: | 11,257,923
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Price: | C$1.32
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Warrants: | No
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Agent: | Non-brokered
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Investors: | William Fleckenstein (for C$2,046,000), Harris Kupperman (for C$1.32 million), Paulo Bilezikjian (for C$198,000), Jordan Calonego (for C$132,000) and Paul Sweeney (for C$132,000)
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Pricing date: | March 21
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Settlement date: | April 8
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Stock symbol: | CNSX: YAK
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Stock price: | C$2.10 at close March 18
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