By Sheri Kasprzak
Atlanta, March 22 - Pine Valley Mining Corp. said it has wrapped a private placement for C$8.4 million.
The company sold 1.5 million units at C$5.60 each.
The units include one share and one half-share warrant. The full warrants allow for an additional share at C$6.25 each for 18 months.
The deal was placed through a syndicate of underwriters led by Sprott Securities Inc. and including Canaccord Capital Corp. and Salman Partners Inc.
Separately, shareholders Mark T. Smith and the R. Templeton Smith Foundation sold 2.25 million and 250,000 common shares, respectively, at C$5.25 each for a total of C$13,125,000, as previously reported.
Based in Vancouver, B.C., Pine Valley is a metallurgical coal mining company. It plans to use the proceeds from the deal for the development and operations of the Willow Creek Coal Mine and for general corporate purposes.
| Issuer: | Pine Valley Mining Corp.
|
| Issue: | Units of one share and one half-share warrant
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| Amount: | C$8.4 million
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| Units: | 1.5 million
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| Price: | C$5.60
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| Warrants: | One half-share warrant per unit
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| Warrant expiration: | 18 months
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| Warrant strike price: | C$6.25
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| Underwriters: | Sprott Securities Inc. (lead); Canaccord Capital Corp.; Salman Partners Inc.
|
| Settlement date: | March 22
|
| Stock price: | C$5.30 at close March 22
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