By Devika Patel
Knoxville, Tenn., Feb. 10 - Lakeside Steel Inc. said it plans a C$3 million private placement of units. There is a C$2 million greenshoe.
The company will sell the units at C$0.27 apiece on a best-efforts basis. Each unit consists of one common share and a half-share warrant. Each whole warrant is exercisable at C$0.40 for two years.
Northern Securities Inc. is the lead agent of a syndicate that includes Octagon Capital Corp. and Byron Securities Ltd.
Proceeds will be used for capital expenditures, such as the installation of a casing threading line, and for general corporate purposes.
Based in Welland, Ont., Lakeside Steel makes seamless and welded standard pipe, oil well casing and tubing, line pipe and cold drawn mechanical tubing.
| Issuer: | Lakeside Steel Inc.
|
| Issue: | Units of one common share and a half-share warrant
|
| Amount: | C$3 million
|
| Greenshoe: | C$2 million
|
| Price: | C$0.27
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.40
|
| Agent: | Northern Securities Inc. (lead), Octagon Capital Corp. and Byron Securities Ltd.
|
| Pricing date: | Feb. 10
|
| Stock symbol: | TSX Venture: LS
|
| Stock price: | C$0.32 at close Feb. 9
|
| Market capitalization: | C$17.5 million
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
