Gold explorer will fund exploration, development of Chester Property
By Devika Patel
Knoxville, Tenn., Nov. 18 - Trelawney Mining and Exploration Inc. said it has decided to conduct a private placement. The deal was announced as a C$50 million offering on Nov. 17 but has since been increased and revised to raise C$57.01 million.
The company will sell 6.39 million flow-through common shares at C$2.50 apiece for C$15.98 million.
The company also will sell 18,652,000 common shares at C$2.20 apiece for C$41.03 million.
The prices per share represent 2.72% and 14.4% discounts to C$2.57, the Nov. 17 closing share price.
The deal will be conducted by a syndicate of underwriters led by RBC Capital Markets and Jennings Capital Inc.
Settlement is expected Dec. 7.
Proceeds will be used for exploration and development of the Chester Property and for general working capital.
The gold exploration company is based in Toronto.
| Issuer: | Trelawney Mining and Exploration Inc.
|
| Issue: | Flow-through common shares, common shares
|
| Amount: | C$57,009,400
|
| Warrants: | No
|
| Agent: | RBC Capital Markets and Jennings Capital Inc. (leads)
|
| Announcement date: | Nov. 17
|
| Upsized: | Nov. 18
|
| Pricing date: | Nov. 18
|
| Settlement date: | Dec. 7
|
| Stock symbol: | TSX Venture: TRR
|
| Stock price: | C$2.64 at close Nov. 18
|
| Market capitalization: | C$224.65 million
|
|
|
| Flow-through shares
|
| Amount: | C$15,975,000
|
| Shares: | 6.39 million
|
| Price: | C$2.50
|
|
|
| Common shares
|
| Amount: | C$41,034,400
|
| Shares: | 18,652,000
|
| Price: | C$2.20
|
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