Offering sells preferreds to Hale Capital at $1.85 per 8% preferred
By Devika Patel
Knoxville, Tenn., Nov. 21 - Midway Gold Corp. said it plans a $70 million private placement of 8% series A convertible preferred stock. Hale Capital Partners, LP is among the investors.
The company will sell the five-year preferreds at $1.85 apiece. The preferreds are convertible into common shares on a one-for-one basis. The company may force conversion after one year.
The price per preferred is a 37.04% premium to the Nov. 20 closing share price of $1.35.
Midway Gold mines for precious metals and is based in Vancouver, B.C., and Denver.
| Issuer: | Midway Gold Corp.
|
| Issue: | Series A convertible preferred stock
|
| Amount: | $70 million
|
| Maturity: | Five years
|
| Price: | $1.85
|
| Dividends: | 8%
|
| Conversion ratio: | One for one
|
| Call: | After one year
|
| Warrants: | No
|
| Investors: | Hale Capital Partners, LP
|
| Pricing date: | Nov. 21
|
| Stock symbol: | NYSE: MDW
|
| Stock price: | $1.35 at close Nov. 20
|
| Market capitalization: | $173.14 million
|
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