By Sheri Kasprzak
Atlanta, April 25 - Baffinland Iron Mines Corp. has priced its previously announced C$15 million private placement.
The company will sell 6,451,612.9 flow-through shares at C$1.55 each and 3,571,428.57 common shares at C$1.40 each.
The deal was first announced April 13, without full details. At the time, the company said it planned to raise C$10 million in flow-through shares and C$5 million in common shares.
A syndicate of underwriters led by First Associates Investments Inc. and including Raymond James Ltd., Dundee Securities Corp., Haywood Securities Inc. and Wellington West Capital Markets Inc. has an over-allotment option for up to C$2 million.
The deal is expected to close May 5.
Based in Toronto, Baffinland is an iron exploration company. It plans to use the proceeds for exploration on its Mary River project and for general corporate purposes.
| Issuer: | Baffinland Iron Mines Corp.
|
| Issue: | Flow-through shares and common shares
|
| Amount: | C$15 million
|
| Greenshoe: | C$2 million
|
| Underwriters: | First Associates Investments Inc. (lead); Raymond James Ltd.; Dundee Securities Corp.; Haywood Securities Inc.; Wellington West Capital Markets Inc.
|
| Announcement date: | April 13
|
| Pricing date: | April 25
|
| Settlement date: | May 5
|
| Stock price: | C$1.49 at close April 13
|
| Stock price: | C$1.50 at close April 22
|
|
|
| Flow-through shares
|
| Issue: | Flow-through common shares
|
| Shares: | 6,451,612.9
|
| Price: | C$1.55
|
| Warrants: | No
|
|
|
| Common shares
|
| Issue: | Common shares
|
| Shares: | 3,571,428.57
|
| Price: | C$1.40
|
| Warrants: | No
|
|
|
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