By Sheri Kasprzak
New York, Oct. 27 - East Asia Minerals Corp. concluded its previously announced private placement, including a partially exercised over-allotment option, for C$15,738,750.
The company issued a total of 12,591,000 units at C$1.25 each. A syndicate of underwriters led by Pacific International Securities Inc. and including Canaccord Capital Corp. and Salman Partners Inc. exercised a greenshoe for 1,621,000 units. The underwriters had been granted an over-allotment option for 2 million units.
The units are composed of one share and one half-share warrant. The whole warrants allow for the purchase of another share at C$1.75 each for two years.
The expiry of the warrants may be accelerated to 30 days if the company's stock trades above C$2.75 for 20 consecutive trading days four months after closing.
The deal was first announced Sept. 29 as a C$12.5 million offering under the same terms, but was upsized to a C$13,712,500 offering on Oct. 12.
Proceeds will be used for exploration on the company's Mongolian properties and general corporate purposes.
Based in Vancouver, B.C., East Asia is a mineral exploration company.
| Issuer: | East Asia Minerals Corp.
|
| Issue: | Units of one share and one half-share warrant
|
| Amount: | C$15,738,750
|
| Units: | 12,591,000 (Greenshoe for 1,621,000 units)
|
| Price: | C$1.25
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$1.75
|
| Placement agents: | Pacific International Securities Inc. (lead), Canaccord Capital Corp., Salman Partners Inc.
|
| Pricing date: | Sept. 29
|
| Upsized: | Oct. 12
|
| Settlement date: | Oct. 27
|
| Stock price: | C$1.41 at close Sept. 29
|
| Stock price: | C$1.36 at close Oct. 12
|
| Stock price: | C$1.09 at close Oct. 27
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
