By Sheri Kasprzak
New York, Aug. 24 - Equinox Minerals Ltd. said a syndicate of underwriters placing its previously announced C$20 million private placement has exercised an over-allotment option, bringing the total proceeds from the deal to C$28.76 million.
The company will sell a total of 47,933,334 shares at C$0.60 each, including a greenshoe for 14.6 million shares exercised by the syndicate led by Sprott Securities Inc. and Paradigm Capital Inc. and including Dundee Securities Corp., Raymond James Ltd. and TD Securities Inc.
The offering was first announced on Aug. 8 for 33,333,334 shares.
Proceeds from the offering will be used for exploration on the company's Lumwana copper project in Zambia. The remainder will be used for working capital.
The deal is expected to close Aug. 25.
Toronto-based Equinox is a mineral exploration company with projects in Zambia, Australia and Peru.
| Issuer: | Equinox Minerals Ltd.
|
| Issue: | Stock
|
| Amount: | C$28.76 million
|
| Shares: | 47,933,334 (includes greenshoe for 14.6 million shares)
|
| Price: | C$0.60
|
| Warrants: | No
|
| Underwriters: | Sprott Securities Inc. (lead); Paradigm Capital Inc. (lead); Dundee Securities Corp.; Raymond James Ltd.; TD Securities Inc.
|
| Pricing date: | Aug. 8
|
| Greenshoe exercised: | Aug. 24
|
| Settlement date: | Aug. 25
|
| Stock price: | C$0.65 at close Aug. 8
|
| Stock price: | C$0.65 at close Aug. 23
|
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