Published on 3/21/2012 in the Prospect News PIPE Daily.
Merc International settles C$12.21 million placement of stock, units
Offering expected to finance exploration and general working capital
By Devika Patel
Knoxville, Tenn., March 21 - Merc International Minerals Inc. said it settled a C$12.21 million private placement of stock and units. The deal priced for C$12 million with a C$1.8 million greenshoe on Feb. 29 and was increased to C$12.3 million on March 7.
The company sold 7,185,000 flow-through shares at C$0.40 per share and 28,302,400 units of one common share and one half-share warrant at C$0.33 per unit. Each whole warrant will be exercisable at C$0.50 until Sept. 21, 2013.
The price per share reflects a 5.26% premium to the Feb. 28 closing share price of C$0.38. The strike price reflects a 31.58% premium to that price.
The deal was conducted by a syndicate of agents, led by Fraser Mackenzie Ltd. and including Jones, Gable and Co. Ltd., Bellotti Goodman Capital Inc., Cormark Securities Inc., PowerOne Capital Markets Ltd. and Euro Pacific Canada Inc.
Proceeds will be used for exploration and general working capital.
Based in Toronto, Merc is a gold exploration company with an interest in the Borthwick Lake project in the Setting Net Lake area in northern Ontario.
| Issuer: | Merc International Minerals Inc.
|
| Issue: | Flow-through shares, units of one common share and one half-share warrant
|
| Amount: | C$12,213,792
|
| Agents: | Fraser Mackenzie Ltd. (lead), Jones, Gable and Co. Ltd., Bellotti Goodman Capital Inc., Cormark Securities Inc., PowerOne Capital Markets Ltd. and Euro Pacific Canada Inc.
|
| Pricing date: | Feb. 29
|
| Upsized: | March 7
|
| Settlement date: | March 21
|
| Stock symbol: | TSX Venture: MRK
|
| Stock price: | C$0.38 at close Feb. 28
|
| Market capitalization: | C$26.03 million
|
|
|
| Shares
|
| Amount: | C$2,874,000
|
| Shares: | 7,185,000
|
| Price: | C$0.40
|
| Warrants: | No
|
|
|
| Units
|
| Amount: | C$9,339,792
|
| Units: | 28,302,400
|
| Price: | C$0.33
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Sept. 21, 2013
|
| Warrant strike price: | C$0.50
|
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