By Sheri Kasprzak
New York, April 7 - Energy Metals Corp. said the greenshoe on its previously announced private placement was exercised, bringing the proceeds raised to C$30.25 million.
The company sold 5.5 million units of one share and one half-share warrant at C$5.50 each. The deal includes the greenshoe for 1.5 million units exercised by placement agents Sprott Securities Inc. and GMP Securities LP.
The whole warrants are exercisable at C$6.50 each for two years.
The non-brokered portion of the placement, for C$22 million, is expected to close in the coming days.
The deal priced March 17 as a C$22 million offering of 4 million units.
Proceeds will be used for exploration and development on the company's La Palangana uranium property in Texas and for the refurbishment of the Hobson Central ISL uranium processing facility, and the development of the company's Wyoming properties. The rest will be used for general corporate purposes.
Vancouver, B.C.-based Energy Metals is a uranium exploration company.
| Issuer: | Energy Metals Corp.
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| Issue: | Units of one share and one half-share warrant
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| Amount: | C$30.25 million
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| Units: | 5.5 million (includes greenshoe for 1.5 million units)
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| Price: | C$5.50
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| Warrants: | One half-share warrant per unit
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| Warrant expiration: | Two years
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| Warrant strike price: | C$6.50
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| Placement agent: | Sprott Securities Inc. and GMP Securities LP
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| Pricing date: | March 17
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| Settlement date: | April 7
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| Stock symbol: | TSX Venture: EMC
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| Stock price: | C$5.46 at close March 17
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| Stock price: | C$6.44 at close April 7
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