By Devika Patel
Knoxville, Tenn., Sept. 21- Dynasty Metals & Mining Inc. announced it has entered into an agreement for a C$9.9 million private placement of shares. The deal originally was to be for C$8.25 million but was upsized by $1.65 million on the same day it priced.
Dynasty will sell 1,200,000 common shares at C$8.25 apiece, up from the 1,000,000 shares it initially intended to issue.
Dynasty will pay Cormark Securities Inc., the underwriter, a 6% cash commission and broker warrants for up to 72,000 common shares (6% of the offering) exercisable at C$8.50 apiece for one year.
Closing is expected to occur by Oct. 11.
Proceeds will be used for exploration and development of Dynasty's Ecuador properties as well as for general corporate purposes.
Dynasty is a mining company based in Vancouver, B.C.
Issuer: | Dynasty Metals & Mining Inc.
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Issue: | Stock
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Amount: | C$9.9 million
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Shares: | 1,200,000
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Price: | C$8.25
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Warrants: | No
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Underwriter: | Cormark Securities Inc.
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Fees: | 6%
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Pricing date: | Sept. 21
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Stock symbol: | TSX Venture: DMM
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Stock price: | C$7.95 at close Sept. 20
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