Deal has 15% greenshoe; Industrial Alliance, National Bank are agents
By Devika Patel
Knoxville, Tenn., Nov. 30 - Metanor Resources Inc. said it arranged an C$8.5 million private placement of units with a 15% greenshoe. The deal will be conducted by a syndicate of agents co-led by Industrial Alliance Securities Inc. and National Bank Financial Inc.
The company will sell 25 million units of one common share and one half-share warrant at C$0.34 per unit on a best-efforts basis.
Each whole warrant is exercisable at C$0.40 for two years. The strike price reflects an 8.11% premium to the Nov. 29 closing share price of C$0.37.
Settlement is expected on Dec. 19.
Proceeds will be used for exploration and working capital.
Metanor is a mining exploration company based in Val d'Or, Quebec.
| Issuer: | Metanor Resources Inc.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | C$8.5 million
|
| Greenshoe: | 15%
|
| Units: | 25 million
|
| Price: | C$0.34
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.40
|
| Agent: | Industrial Alliance Securities Inc. and National Bank Financial Inc. (co-leads)
|
| Pricing date: | Nov. 30
|
| Settlement date: | Dec. 19
|
| Stock symbol: | TSX Venture: MTO
|
| Stock price: | C$0.37 at close Nov. 29
|
| Market capitalization: | C$73.62 million
|
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