Greenshoe fully exercised for an additional C$500,000 in securities
By Devika Patel
Knoxville, Tenn., Aug. 27 - Silver Quest Resources Ltd. said it completed a private placement of units and stock for C$8 million. The deal, which was conducted via lead agent BayFront Capital Partners Ltd., priced Aug. 9 and was increased to C$7.5 million from C$5.5 million. There was a C$500,000 greenshoe.
The company sold 5,721,155 units of one share and one half-share warrant at C$0.65 each for C$3.72 million. The whole warrants are exercisable at C$0.75 each for two years. The warrant strike price represents a 10.29% premium to the Aug. 6 closing share price of C$0.68.
The company also sold 5,708,332 flow-through common shares at C$0.75 each for C$4.28 million.
Proceeds will be used for general exploration expenditures and general working capital purposes.
Silver Quest is a mineral exploration company based in Vancouver, B.C.
| Issuer: | Silver Quest Resources Ltd.
|
| Issue: | Units of one share and one half-share warrant, flow-through common shares
|
| Amount: | C$8 million (includes C$500,000 greenshoe)
|
| Agent: | BayFront Capital Partners Ltd. (lead)
|
| Pricing date: | Aug. 9
|
| Upsized: | Aug. 11
|
| Settlement date: | Aug. 27
|
| Stock symbol: | TSX Venture: SQI
|
| Stock price: | C$0.71 at close Aug. 9
|
| Market capitalization: | C$48.34 million
|
|
|
| Units
|
| Amount: | C$3,718,751
|
| Units: | 5,721,155
|
| Price: | C$0.65
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.75
|
|
|
| Shares
|
| Amount: | C$4,281,249
|
| Shares: | 5,708,332
|
| Price: | C$0.75
|
| Warrants: | No
|
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