C$765,000 greenshoe exercised by agents Stonecap, Cormark Securities
By Devika Patel
Knoxville, Tenn., Dec. 30 - Stikine Energy Corp. said it plans a private placement of units. The C$5.1 million overnight marketed deal priced with a C$765,000 greenshoe on Dec. 13 and raised the full C$5.87 million.
The company sold 19.55 million units of one common share and one half-share warrant at C$0.30 apiece on a best-efforts basis via a syndicate of agents consisting of Stonecap Securities Inc. and Cormark Securities Inc. Of the units, 2.55 million were part of the fully exercised greenshoe.
Each whole two-year warrant is exercisable at C$0.40 until Dec. 30, 2011 and at C$0.50 until Dec. 30, 2012. The strike prices are 9.59% and 36.99% premiums to the Dec. 10 closing share price of C$0.365.
Proceeds will be used for working capital and general corporate purposes.
The gold and energy exploration company is based in Vancouver, B.C.
| Issuer: | Stikine Energy Corp.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | C$5,865,000 (including C$765,000 greenshoe)
|
| Units: | 19.55 million
|
| Price: | C$0.30
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Dec. 30, 2012
|
| Warrant strike price: | C$0.40 in the first year, C$0.50 in the second year
|
| Agents: | Stonecap Securities Inc. and Cormark Securities Inc.
|
| Pricing date: | Dec. 13
|
| Settlement date: | Dec. 30
|
| Stock symbol: | TSX Venture: SKY
|
| Stock price: | C$0.36 at close Dec. 13
|
| Market capitalization: | C$28.59 million
|
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