Agents Clarus and Cenkos will assist in sale of 48.6 million units
By Toni Weeks
San Diego, May 15 - EastCoal Inc. negotiated a C$17.01 million private placement of units with a syndicate of agents co-led by Clarus Securities Inc. and Cenkos Securities plc, according to a press release.
The company will sell 48.6 million units of one common share and one warrant at a price of C$0.35 per unit. Each warrant is exercisable at C$0.55 for three years. The strike price is a 39.24% premium to the closing share price of C$0.395 on May 14.
Settlement is expected May 25.
Proceeds will be used to acquire the Menzhinsky mine, to develop the company's properties and for general corporate purposes.
EastCoal mines for coal and anthracite and is based in Vancouver, B.C.
Issuer: | EastCoal Inc.
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Issue: | Units of one common share and one warrant
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Amount: | C$17.01 million
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Units: | 48.6 million
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Price: | C$0.35
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Warrants: | One warrant per unit
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Warrant expiration: | Three years
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Warrant strike price: | C$0.55
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Agents: | Clarus Securities Inc. and Cenkos Securities plc (co-leads)
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Pricing date: | May 15
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Settlement date: | May 25
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Stock symbol: | TSX: ECX
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Stock price: | C$0.395 at close May 14
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Market capitalization: | C$68.31 million
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