Syndicate co-led by Cormark and BMO helps raise funds for exploration
By Devika Patel
Knoxville, Tenn., May 10 - Probe Mines Ltd. said it plans a C$15 million private placement of units. A syndicate of underwriters, co-led by Cormark Securities Inc. and BMO Capital Markets, will conduct the offering on a bought-deal basis.
The company will sell 7.5 million flow-through units of one flow-through common share and three-quarters of a warrant at C$2.00 per unit.
Each whole warrant will be exercisable at C$2.10 for two years. The strike price is an 84.21% premium to the May 9 closing share price of C$1.14.
Settlement is expected May 28.
Proceeds will be used for exploration.
Based in Toronto, Probe is a base and precious metals exploration company.
| Issuer: | Probe Mines Ltd.
|
| Issue: | Flow-through units of one flow-through common share and three-quarters of a warrant
|
| Amount: | C$15 million
|
| Units: | 7.5 million
|
| Price: | C$2.00
|
| Warrants: | Three-quarters of a warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$2.10
|
| Underwriters: | Cormark Securities Inc. and BMO Capital Markets (co-leads)
|
| Pricing date: | May 10
|
| Settlement date: | May 28
|
| Stock symbol: | TSX Venture: PRB
|
| Stock price: | C$1.14 at close May 9
|
| Market capitalization: | C$79.48 million
|
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