By Devika Patel
Knoxville, Tenn., Nov. 20 - PhosCan Chemical Corp. said it has settled a C$17,655,000 private placement of shares. The deal priced for C$16,005,000 on Nov. 6 with a C$1.65 million greenshoe.
The company sold 16.05 million common shares at C$1.10 apiece. Of those, 1.5 million shares were part of the greenshoe.
Wellington West Capital Markets Inc. was bookrunner and lead underwriter for a syndicate of underwriters that also includes Cormark Securities Inc. and TD Securities Inc.
PhosCan paid a 6% cash fee to the underwriters and issued 963,000 non-transferable compensation warrants, each of which is exercisable for one common share at C$1.10 per share for one year.
Proceeds will be used for advancement of the company's Martison Phosphate project, working capital and general corporate purposes.
Based in Toronto, Phoscan, formerly MCK Mining Corp., is a development stage mining company.
| Issuer: | PhosCan Chemical Corp.
|
| Issue: | Common shares
|
| Amount: | C$17,655,000
|
| Shares: | 16.05 million
|
| Price: | C$1.10
|
| Warrants: | No
|
| Underwriters: | Wellington West Capital Markets Inc. (lead); Cormark Securities Inc. and TD Securities Inc.
|
| Fees: | 6% in cash, 963,000 compensation warrants
|
| Pricing date: | Nov. 6
|
| Settlement date: | Nov. 20
|
| Stock symbol: | TSX Venture: FOS
|
| Stock price: | C$1.16 at close Nov. 5
|
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