By Sheri Kasprzak
New York, April 12 - Archangel Diamond Corp. has priced a $7 million private placement of stock.
The deal includes up to 6,730,769 shares at $1.04 each.
Cencan SA, which owns 59.4% of the company's outstanding shares, has agreed to buy up to 75% of the offering.
Firebird Global Master Fund Ltd. will also participate in the deal.
Of the proceeds, $3 million will be used to pay an outstanding credit facility with Cencan, to fund litigation in Sweden and the United States, to fund ongoing regulatory and administrative costs and to provide working capital.
Based in Toronto, Archangel is a diamond exploration company.
| Issuer: | Archangel Diamond Corp.
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| Issue: | Stock
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| Amount: | $7 million
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| Shares: | 6,730,769
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| Price: | $1.04
|
| Warrants: | No
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| Investors: | Cencan S.A., Firebird Global Master Fund Ltd.
|
| Pricing date: | April 12
|
| Stock symbol: | TSX Venture: AAD
|
| Stock price: | C$1.70 at close April 12
|
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