Proceeds intended for Ontario projects and general working capital
By Devika Patel
Knoxville, Tenn., March 29 - Manitou Gold Inc. said it has settled a C$10.01 million private placement of units and stock. The deal, which was conducted by lead agent Canaccord Genuity Corp. and also included PowerOne Capital Markets Inc., priced for C$7 million with a C$3 million greenshoe on March 16.
The company sold 11.8 million units of one common share and one half-share warrant at C$0.55 apiece. Each whole warrant will be exercisable at C$0.70 for two years. The strike price represents a 7.69% premium to C$0.65, the closing share price on March 15.
Manitou Gold also sold 6.4 million flow-through shares at C$0.55 per share. The price per share is a 15.39% discount to the March 15 closing share price.
Proceeds will be used to advance the company's Ontario projects and for general working capital.
The gold exploration company is based in Sudbury, Ont.
| Issuer: | Manitou Gold Inc.
|
| Issue: | Flow-through shares, units of one common share and one half-share warrant
|
| Amount: | C$10.01 million (including C$3 million greenshoe)
|
| Price: | C$0.55
|
| Agents: | Canaccord Genuity Corp. (lead), PowerOne Capital Markets Inc.
|
| Pricing date: | March 16
|
| Settlement date: | March 29
|
| Stock symbol: | TSX Venture: MTU
|
| Stock price: | C$0.65 at close March 15
|
| Market capitalization: | C$19.62 million
|
|
|
| Units
|
| Amount: | C$6.49 million
|
| Units: | 11.8 million
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.70
|
|
|
| Flow-through shares
|
| Amount: | C$3.52 million
|
| Shares: | 6.4 million
|
| Warrants: | No
|
© 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.
