Esperanza Resources, Sprott jointly commit to purchase C$6.5 million
By Devika Patel
Knoxville, Tenn., March 21 - Global Minerals Ltd. said it incorrectly reported the amount that investors have agreed to invest in its C$12.5 million non-brokered private placement of units. The placement priced for C$8 million on Feb. 24 and was increased to C$11.5 million on Feb. 27; the deal was increased again to C$12.5 million on Tuesday.
The company said on Wednesday that Esperanza Resources Corp. has committed to purchase C$1.5 million of the units. Esperanza, affiliates of Sprott Inc. and clients of Sprott Private Wealth have together committed to purchase C$6.5 million of the units. Previously, the company reported that the investors had jointly committed to buy C$10.22 million of the units.
The company will now sell up to 27,777,556 units of one common share and one warrant at C$0.45 per unit.
Each warrant is exercisable at C$0.75 for two years. The strike price is a 61.3% premium to the company's closing share price on Feb. 23, C$0.465.
Proceeds will be used to develop the Strieborna project and for general working capital.
Global Minerals is a Vancouver, B.C.-based exploration and development company focused on developing its silver, copper, antimony deposit in Slovakia.
| Issuer: | Global Minerals Ltd.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | C$12,499,900
|
| Units: | 27,777,556
|
| Price: | C$0.45
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.75
|
| Agent: | Non-brokered
|
| Investors: | Esperanza Resources Corp., Sprott Inc. and Sprott Private Wealth for C$6,499,900, of which Esperanza committed to C$1.5 million
|
| Pricing date: | Feb. 24
|
| Upsized: | Feb. 27, March 20
|
| Stock symbol: | TSX Venture: CTG
|
| Stock price: | C$0.47 at close Feb. 24
|
| Market capitalization: | C$37.79 million
|
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