By Laura Lutz
Des Moines, March 21 - Lake Shore Gold Corp. arranged a private placement of units and flow-through shares for C$25 million.
The company plans to sell 5 million units at C$2.00 per unit and 6 million flow-through shares at C$2.50 per share.
Each unit will consist of one non flow-through share and one half-share warrant. Each whole warrant will be exercisable for one non flow-through share at C$2.50 for 18 months.
The underwriters, led by Canaccord Capital Corp., have a greenshoe for up to 15% of the deal size, exercisable up to 10 days following settlement. The greenshoe may be comprised of any combination of units and flow-through shares.
Proceeds will be used for exploration and development and for general corporate purposes.
Settlement is expected on April 16.
Lake Share is a mineral exploration company based in Vancouver, B.C.
| Issuer: | Lake Shore Gold Corp.
|
| Issue: | Units of one share and one half-share warrant; flow-through shares
|
| Amount: | C$25 million
|
| Greenshoe: | For 15% of placement
|
| Underwriter: | Canaccord Capital Corp. (lead)
|
| Pricing date: | March 21
|
| Settlement date: | April 16
|
| Stock symbol: | Toronto: LSG
|
| Stock price: | C$2.08 at close March 20
|
|
|
| Units
|
| Units: | 5 million
|
| Price: | C$2.00
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | 18 months
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| Warrant strike price: | C$2.50
|
|
|
| Flow-through shares
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| Shares: | 6 million
|
| Price: | C$2.50
|
| Warrants: | No
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