GMP Securities, Clarus Securities and Mirabaud Securities are agents
By Devika Patel
Knoxville, Tenn., March 26 - Maudore Minerals Ltd. said on Monday that it plans a C$25 million private placement of units.
The company will sell units of one common share and one half-share warrant at C$0.91 per unit.
Each whole, two-year warrant will be exercisable at C$1.13, which is a 4.63% premium to the March 22 closing share price of C$1.08.
The deal will be conducted by lead agent GMP Securities LP on a best-efforts basis. The syndicate of agents also includes Clarus Securities Inc. and Mirabaud Securities LLP.
City Securities Ltd. will invest about C$4 million, chairman and chief executive officer Kevin Tomlinson will invest about C$1 million, and other investors include George Fowlie, Ingrid Martin, Anne Slivitzky and Robert Pevenstein.
Settlement of the first tranche, for about C$13.5 million, is expected April 11.
Proceeds will be used to explore, develop and expand existing projects and operations as well as for corporate activities and other general and corporate purposes.
Maudore is a gold exploration company based in Montreal.
| Issuer: | Maudore Minerals Ltd.
|
| Issue: | Units of one common share and a half-share warrant
|
| Amount: | C$25 million
|
| Price: | C$0.91
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$1.13
|
| Agents: | GMP Securities LP (lead), Clarus Securities Inc. and Mirabaud Securities LLP
|
| Investors: | City Securities Ltd. (for about C$4 million), Kevin Tomlinson (for about C$1 million), George Fowlie, Ingrid Martin, Anne Slivitzky and Robert Pevenstein
|
| Pricing date: | March 25
|
| Settlement date: | April 11 (for about C$13.5 million)
|
| Stock symbol: | TSX Venture: MAO
|
| Stock price: | C$1.08 at close March 22
|
| Market capitalization: | C$25.59 million
|
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