By Sheri Kasprzak
New York, May 11 - Hillsborough Resources Ltd. has settled its previously announced private placement for C$8,562,900, including the partially exercised over-allotment option.
The company issued a total of 7,446,000 units at C$1.15 each, including the greenshoe for 1,611,000 units exercised by a syndicate of agents led by Canaccord Adams Inc. and including Dominick & Dominick
The units are comprised of one share and one half-share warrant. Each whole warrant is exercisable at C$1.50 each for two years.
The deal priced April 17 as a C$7,002,000 offering of 5,835,000 units.
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$8,562,900
|
| Units: | 7,446,000 (Greenshoe for 1,611,000 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 11
|
| Stock symbol: | Toronto: HLB
|
| Stock price: | C$1.24 at close April 17
|
| Stock price: | C$1.12 at close May 11
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