Proceeds of brokered deal to fund project development, working capital
By Devika Patel
Knoxville, Tenn., Nov. 11 - Apogee Minerals Ltd. said it increased a private placement of units. The deal will now raise C$6.5 million; it priced for C$4.5 million on Nov. 4.
Apogee will sell 36,111,112 units of one common share and one warrant at C$0.18 per unit. Each warrant will be exercisable at C$0.25 for two years. The strike price represents a 25% premium to the Nov. 3 closing share price of C$0.20.
PowerOne Capital Markets Ltd. and Delano Capital Corp. are the agents.
Proceeds will be used for development of the company's key projects and for working capital.
Toronto-based Apogee is a producer of silver, zinc and lead.
| Issuer: | Apogee Minerals Ltd.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | C$6.5 million
|
| Units: | 36,111,112
|
| Price: | C$0.18
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.25
|
| Agent: | PowerOne Capital Markets Ltd. and Delano Capital Corp.
|
| Pricing date: | Nov. 4
|
| Upsized: | Nov. 11
|
| Stock symbol: | TSX Venture: APE
|
| Stock price: | C$0.21 at close. Nov. 4
|
| Market capitalization: | C$27.15 million
|
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