By Sheri Kasprzak
New York, April 17 - Hillsborough Resources Ltd. said it has negotiated a C$7,002,000 private placement.
The company plans to sell 5,835,000 units of one share and one half-share warrant at C$1.20 each.
Each whole warrant is exercisable at C$1.50 for two years.
A syndicate of agents led by Canaccord Adams Inc. and including Dominick & Dominick Securities Inc. has a greenshoe for up to 2.5 million additional units.
The deal is expected to close May 9.
Proceeds will be used for exploration, development, expansion and operations on the company's North American mining properties. The rest will be used for working capital.
Vancouver, B.C.-based Hillsborough is a coal-mining company.
| Issuer: | Hillsborough Resources Ltd.
|
| Issue: | Units of one share and one half-share warrant
|
| Amount: | C$7,002,000
|
| Units: | 5,835,000
|
| Greenshoe: | For up to 2.5 million units
|
| Price: | C$1.20
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$1.50
|
| Placement agents: | Canaccord Adams Inc. (lead) and Dominick & Dominick Securities Inc.
|
| Pricing date: | April 17
|
| Settlement date: | May 9
|
| Stock symbol: | Toronto: HLB
|
| Stock price: | C$1.24 at close April 17
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