By Laura Lutz
Pittsburgh, Jan. 24 - MAG Silver Corp. announced plans for a private placement of units for C$15.95 million.
The company plans to sell 2.2 million units of one share and one half-share warrant at C$7.25 per unit. Each whole warrant will be exercisable at C$10.00 for one year.
The underwriters, a syndicate led by Raymond James Ltd. and including CIBC World LMarkets Inc., have a greenshoe for up to 350,000 additional units, exercisable until 48 hours before closing.
Settlement is expected on Feb. 13.
MAG Silver is a Vancouver, B.C.-based silver exploration company.
| Issuer: | MAG Silver Corp.
|
| Issue: | Units of one share and one half-share warrant
|
| Amount: | C$15.95 million
|
| Units: | 2.2 million
|
| Greenshoe: | For 350,000 units
|
| Price: | C$7.25
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | One year
|
| Warrant strike price: | C$10.00
|
| Underwriters: | Raymond James Ltd. (lead), CIBC World Markets Inc.
|
| Pricing date: | Jan. 24
|
| Settlement date: | Feb. 13
|
| Stock symbol: | TSX Venture: MAG
|
| Stock price: | C$7.47 at close Jan. 24
|
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