By Sheri Kasprzak
New York, March 22 - Equinox Minerals Ltd. has entered into a $30 million stock deal with ZCCM Investments Holdings plc.
ZCCM agreed to buy $15 million shares at a price equal to 1.2 times the volume-weighted average price of Equinox's stock for the five trading days before the subscription date - March 31.
The investor also agreed to buy $15 million in shares at 1.15 times the five-day volume-weighted average price before the final subscription date - June 30.
Proceeds from the deal will be used for the development of the company's Lumwana copper project in Zambia and for working capital.
Based in Toronto, Equinox is a mineral exploration company.
| Issuer: | Equinox Minerals Ltd.
|
| Issue: | Stock
|
| Amount: | $30 million
|
| Shares: | Up to $15 million in two separate tranches
|
| Price: | Equal to 1.2 times the VWAP for the five trading days before the first subscription date of March 31 for the first tranche and equal to 1.15 times the VWAP for the five trading days before the second subscription date of June 30 for the final tranche
|
| Warrants: | No
|
| Investor: | ZCCM Investments Holdings plc
|
| Announcement date: | March 22
|
| Settlement date: | March 31 (for first tranche); June 30 (for final tranche)
|
| Stock symbol: | Toronto: EQN
|
| Stock price: | C$1.40 at close March 21
|
|
|
© 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.
