By Sheri Kasprzak
Atlanta, Nov. 24 - Gammon Lake Resources Inc. revealed details on its previously announced C$110,005,000 private placement.
The deal, which is fully subscribed, consists of 15,715,000 special warrants at C$7 each. The special warrants are exchangeable for one common share upon receipt of a final prospectus qualifying the distribution of the shares and the filing of a registration statement.
The warrants are exercisable between the sixth business day after the receipt for the final prospectus is received and the first business day after the fourth month from closing.
The deal is expected to close Dec. 14.
BMO Nesbitt Burns Inc. was the lead placement agent in the deal, in a syndicate that included RBC Dominion Securities Inc. and First Associates Investments Inc.
Based in Dartmouth, N.S., Gammon Lake is a mineral exploration company with properties in Mexico. The company plans to use the proceeds from the private placement for working capital and the development of phase one of its Ocampo gold and silver project.
| Issuer: | Gammon Lake Resources Inc.
|
| Issue: | Special warrants
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| Amount: | C$110,050,000
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| Shares: | 15,715,000 special warrants
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| Price: | C$7
|
| Warrants: | No
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| Placement agent: | BMO Nesbitt Burns Inc. (lead); RBC Dominion Securities Inc.; First Associates Investments Inc.
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| Announcement date: | Nov. 23
|
| Pricing date: | Nov. 24
|
| Settlement date: | Dec. 14
|
| Stock price: | C$6.87 at close Nov. 23
|
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