Brokered offering funds exploration, work programs, working purposes
By Devika Patel
Knoxville, Tenn., April 9 - Alpha Minerals Inc. said it will conduct a C$12.28 million private placement of stock and units. The deal priced for C$7.28 million on Tuesday and was increased a few hours later.
The company will sell 1.75 million units of one common share and a half-share warrant at C$4.00 per unit, with each whole warrant exercisable at C$5.00 for two years.
Alpha Minerals also will sell 1.2 million flow-through shares at C$4.40 each.
The strike price of the warrants is a 21.95% premium to the April 8 closing share price of C$4.10; the price per flow-through share represents a 7.32% premium to that price.
Settlement is expected April 25.
The offering is being conducted by underwriters Salman Partners Inc., Cormark Securities Inc. and Raymond James Ltd.
The proceeds will be used for exploration, upcoming work programs to explore and advance Alpha's Joint Venture Patterson Lake South Property and general working purposes.
The gold and uranium exploration company is based in Vancouver, B.C.
| Issuer: | Alpha Minerals Inc.
|
| Issue: | Units of one common share and a half-share warrant; flow-through shares
|
| Amount: | C$12.28 million
|
| Underwriters: | Salman Partners Inc., Cormark Securities Inc. and Raymond James Ltd.
|
| Pricing date: | April 9
|
| Upsized: | April 9
|
| Settlement date: | April 25
|
| Stock symbol: | TSX Venture: AMW
|
| Stock price: | C$4.10 at close April 8
|
| Market capitalization: | C$77.42 million
|
|
|
| Units
|
| Amount: | C$7 million
|
| Units: | 1.75 million
|
| Price: | C$4.00
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$5.00
|
|
|
| Flow-through shares
|
| Amount: | C$5.28 million
|
| Shares: | 1.2 million
|
| Price: | C$4.40
|
| Warrants: | No
|
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