BMO Capital Markets helps raise funds for Borden Lake exploration
By Devika Patel
Knoxville, Tenn., April 21 - Probe Mines Ltd. said it settled a C$25 million private placement of units on Thursday. The deal was announced on March 28 as a C$15 million offering. BMO Capital Markets was the agent.
The company sold 18.52 million units at C$1.35 apiece. Each unit consists of one common share and one half-share warrant. Each whole two-year warrant will be exercisable at C$1.70. The strike price reflects a 26.87% premium to the April 20 closing share price of C$1.34.
Proceeds will be used for exploration and development of the Borden Lake property as well as other projects and for general corporate purposes.
Based in Toronto, Probe is a base and precious metals exploration company.
| Issuer: | Probe Mines Ltd.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | C$25,002,000
|
| Units: | 18.52 million
|
| Price: | C$1.35
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$1.70
|
| Agent: | BMO Capital Markets
|
| Announcement date: | March 28
|
| Settlement date: | April 21
|
| Stock symbol: | TSX Venture: PRB
|
| Stock price: | C$1.34 at close April 26
|
| Market capitalization: | C$50.97 million
|
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