By Sheri Kasprzak
New York, Oct. 17 - Baffinland Iron Mines Corp. priced a private placement for up to C$7,999,997.
The offering includes up to 2,909,090 flow-through shares at C$2.75 each.
Placement agent Raymond James Ltd. has a greenshoe for up to 727,272 additional flow-through shares.
Also, the company intends to pursue a C$6 million non-brokered offering of 2,181,818 flow-through shares at C$2.75 each.
Both offerings are scheduled to close Oct. 26.
Proceeds will be used for exploration at the company's Mary River project in Nunavut.
Toronto-based Baffinland is an iron ore exploration company.
First issue
| Issuer: | Baffinland Iron Mines Corp.
|
| Issue: | Flow-through shares
|
| Amount: | C$7,999,997
|
| Shares: | 2,909,090
|
| Greenshoe: | For 727,272 shares
|
| Price: | C$2.75
|
| Warrants: | No
|
| Placement agent: | Raymond James Ltd.
|
| Pricing date: | Oct. 17
|
| Settlement date: | Oct. 26
|
| Stock symbol: | Toronto: BIM
|
| Stock price: | C$2.22 at close Oct. 16
|
|
|
| Second issue
|
| Issuer: | Baffinland Iron Mines Corp.
|
| Issue: | Flow-through shares
|
| Amount: | C$6 million
|
| Shares: | 2,181,818
|
| Price: | C$2.75
|
| Warrants: | No
|
| Placement agent: | Non-brokered
|
| Pricing date: | Oct. 17
|
| Settlement date: | Oct. 26
|
| Stock symbol: | Toronto: BIM
|
| Stock price: | C$2.22 at close Oct. 16
|
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