Proceeds to be used to explore, develop Lac Cinquante uranium deposit
By Devika Patel
Knoxville, Tenn., March 30 - Kivalliq Energy Corp. said it settled a C$7.4 million initial brokered tranche of an C$11.67 million private placement of stock.
The deal priced on March 7 for C$17.81 million and was revised to raise C$5 million on a non-brokered basis and C$6.67 million through a syndicate of underwriters led by Canaccord Genuity Corp. and including Raymond James Ltd., Dundee Securities Ltd., Haywood Securities Inc. and Versant Partners Inc. on March 23. The brokered portion of the deal also had a C$1.67 million greenshoe, which was exercised in part for C$728,160.
In the brokered offering, Kivalliq sold 12,333,600 flow-through shares at C$0.60 per flow-through share. The price per share is a 26.83% discount to the March 4 closing share price.
In the non-brokered deal, which is expected to settle on Thursday, the company will sell 10 million common shares at C$0.50 apiece. The price per share reflects a 39.02% discount to the March 4 closing share price of C$0.82. The shares were previously priced at C$0.78.
Proceeds will be used to explore and develop Kivalliq's high-grade Lac Cinquante uranium deposit and for general working capital purposes.
Kivalliq is a uranium exploration and development company based in Vancouver, B.C.
| Issuer: | Kivalliq Energy Corp.
|
| Issue: | Flow-through shares, common shares
|
| Amount: | C$11,672,000
|
| Warrants: | No
|
| Pricing date: | March 7
|
| Settlement date: | March 30 (for C$7,400,160), March 31
|
| Stock symbol: | TSX Venture: KIV
|
| Stock price: | C$0.82 at close March 4
|
| Market capitalization: | C$44.73 million
|
|
|
| Flow-through shares
|
| Amount: | C$7,400,160 (including C$728,160 greenshoe)
|
| Shares: | 12,333,600
|
| Price: | C$0.60
|
| Agent: | Canaccord Genuity Corp., Raymond James Ltd., Dundee Securities Ltd., Haywood Securities Inc. and Versant Partners Inc.
|
| Settlement date: | March 30
|
|
|
| Common shares
|
| Amount: | C$5 million
|
| Shares: | 10 million
|
| Price: | C$0.50
|
| Agent: | Non-brokered
|
| Settlement date: | March 31
|
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