By Devika Patel
Knoxville, Tenn., Nov. 3 - Medoro Resources Ltd. said it has completed a C$102.96 million private placement of special warrants.
The company sold 128.7 million special warrants, which are convertible into units of one common share and one half-share warrant, at C$0.80 apiece. Each whole warrant is exercisable at C$1.25 for two years.
Of the special warrants, 3.7 million, or C$2.96 million, were part of the partially exercised greenshoe.
The offering was made through a syndicate of agents led by GMP Securities LP and including Canaccord Capital Corp., Thomas Weisel Partners Canada Inc., Haywood Securities Inc., Salman Partners Inc. and TD Securities Inc.
Proceeds will be used for exploration, drilling, debt repayment, social work related to the Zona Alta of the Marmato Mountain and for working capital and general corporate purposes.
Toronto-based Medoro is a gold exploration and development company.
| Issuer: | Medoro Resources Ltd.
|
| Issue: | Special warrants convertible into units of one common share and one half-share warrant
|
| Amount: | C$102.96 million (including C$2.96 million greenshoe)
|
| Special warrants: | 128.7 million
|
| Price: | C$0.80
|
| Warrants: | One half-share warrant per unit upon conversion
|
| Warrant strike price: | C$1.25
|
| Warrant expiration: | Two years
|
| Agent: | GMP Securities LP (lead), Canaccord Capital Corp., Thomas Weisel Partners Canada Inc., Haywood Securities Inc., Salman Partners Inc. and TD Securities Inc.
|
| Settlement date: | Nov. 3
|
| Stock symbol: | TSX Venture: MRS
|
| Stock price: | C$0.56 at close Nov. 2
|
| Market capitalization: | C$116 million
|
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