By Sheri Kasprzak
Atlanta, Dec. 16 - Anvil Mining Ltd. said Thursday that investors exercised a $7,507,500 over-allotment option, raising the size of the company's now closed private placement to C$27.51 million.
The company sold 5,240,000 special warrants at C$5.25. The special warrants provide for one share and one half-share warrant.
The whole warrants allow for an additional share at C$6.25 each through Dec. 16, 2007. If the trading price of the company's stock exceeds C$8 for 20 consecutive days, Anvil has the right to accelerate the expiry of the warrants.
Anvil announced Nov. 30 that it planned to raise C$20,002,500 in a private placement.
The offering was placed through a syndicate of underwriters led by Haywood Securities Inc. and including Euroz Securities Ltd. and Canaccord Capital Corp.
Based in Toronto, Anvil is a copper and silver production company. It plans to use the proceeds from the offering to fund the acquisition of an interest in the Mutoshi joint venture and to develop both the Mutoshi and the Kinsevere-Nambulwa projects in the Democratic Republic of the Congo. The remainder of the proceeds will be used for working capital.
| Issuer: | Anvil Mining Ltd.
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| Issue: | Special warrants of one share and one half-share warrant
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| Amount: | C$27.51 million
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| Shares: | 5.24 million special warrants
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| Price: | C$5.25
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| Warrants: | One half-share warrant per special warrant
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| Warrant expiration: | Dec. 16, 2007
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| Warrant strike price: | C$6.25
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| Underwriters: | Haywood Securities Inc. (lead); Euroz Securities Ltd.; Canaccord Capital Corp.
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| Announcement date: | Nov. 30
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| Settlement date: | Dec. 16
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| Stock price: | C$5.65 at close Nov. 30
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| Stock price: | C$5.85 at close Dec. 16
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