Non-brokered offering to fund exploration and general working capital
By Devika Patel
Knoxville, Tenn., July 16 – Mega Precious Metals Inc. said it completed a C$5.32 million non-brokered private placement of units. The deal priced for C$3 million on June 17 and was increased to C$5 million on June 25 and to C$5.31 million on July 11 due to demand.
The company sold 3,930,045 units of one common share and one half-share warrant at C$0.11 per unit and 40,694,766 flow-through units of one flow-through common share and one half-share warrant at C$0.12 per unit.
Each whole 18-month warrant will be exercisable at C$0.15, a 36.36% premium to the June 16 closing share price of C$0.11.
Proceeds will be used for exploration and general working capital.
Mega is a precious metal exploration company based in Thunder Bay, Ont.
| Issuer: | Mega Precious Metals Inc.
|
| Issue: | Units of one common share and one half-share warrant, flow-through units of one flow-through common share and one half-share warrant
|
| Amount: | C$5,315,677
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | 18 months
|
| Warrant strike price: | C$0.15
|
| Agent: | Non-brokered
|
| Pricing date: | June 17
|
| Upsized: | June 25, July 11
|
| Settlement date: | July 16
|
| Stock symbol: | TSX Venture: MGP
|
| Stock price: | C$0.11 at close June 16
|
| Market capitalization: | C$14.78 million
|
|
|
| Units
|
| Amount: | C$432,305
|
| Units: | 3,930,045
|
| Price: | C$0.11
|
|
|
| Flow-through units
|
| Amount: | C$4,883,372
|
| Units: | 40,694,766
|
| Price: | C$0.12
|
|
|
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