By Devika Patel
Knoxville, Tenn., May 20 - Orko Silver Corp. said it will raise C$10.07 million in a private placement of stock.
The company will sell 6.1 million common shares at C$1.65 per share.
The deal is being conducted by a syndicate of underwriters co-led by GMP Securities LP and BMO Capital Markets Inc. and including Haywood Securities Inc. and Macquarie Capital Markets Canada Ltd. The underwriters have a greenshoe for an additional 1,220,000 shares for additional proceeds of up to C$2.01 million.
Settlement is expected June 12.
Proceeds will be used for the continuing exploration program on Orko's Mexican mining properties and for general corporate purposes including working capital.
Orko, located in Vancouver, B.C., is a gold and silver exploration and development company.
| Issuer: | Orko Silver Corp.
|
| Issue: | Common shares
|
| Amount: | C$10,065,000
|
| Greenshoe: | 1,220,000 shares, or C$2,013,000
|
| Shares: | 6.1 million
|
| Price: | C$1.65
|
| Warrants: | No
|
| Underwriters: | GMP Securities LP, BMO Capital Markets Inc. (co-leads), Haywood Securities Inc., Macquarie Capital Markets Canada Ltd.
|
| Pricing date: | May 20
|
| Settlement date: | June 12
|
| Stock symbol: | TSX Venture: OK
|
| Stock price: | C$1.80 at close May 19
|
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