By Devika Patel
Knoxville, Tenn., Nov. 15 - TTM Resources Inc. said it raised C$8,682,750 in two private placements of units. The deals priced for C$9 million on Oct. 19.
The company sold a total of 5,788,500 flow-through units, down slightly from its planned sales of 6 million units, at C$1.50 apiece. It sold 3,953,500 units, down from a planned 4 million units, in a brokered deal with Canaccord Capital Corp. for C$5,930,250, and it sold 1,835,000, down from 2 million planned units, in a non-brokered placement for C$2,752,500.
Each unit consists of one flow-through common share and one half-share warrant. Each whole warrant is exercisable for one additional common share at C$1.75 for one year.
Cannacord received a 5% commission for the brokered deal and 237,210 broker warrants, exercisable at C$1.50 for one year, along with a corporate finance fee. TTM might pay a 5% commission on parts of the non-brokered deal as well.
Proceeds will be used for exploration.
Based in Vancouver, B.C., TTM Resources is a junior resource exploration company, focused on four assets in British Columbia: The Chu Molybdenum project, the newly acquired Terrace Molybdenum project, the Deeker Creek Molybdenum project and the Moly/Gold project.
| Issuer: | TTM Resources Inc.
|
| Issue: | Units of one flow-through common share and one half share warrant
|
| Amount: | C$8,682,750
|
| Pricing date: | Oct. 19
|
| Settlement date: | Nov. 15
|
| Stock symbol: | TSX Venture: TTQ
|
| Stock price: | C$1.23 at close Oct. 18
|
|
|
| Brokered deal
|
| Amount: | C$5,930,250
|
| Units: | 3,953,500
|
| Price: | C$1.50
|
| Warrants: | One half-warrant per unit
|
| Warrant expiration: | One year
|
| Warrant strike price: | C$1.75
|
| Agent: | Canaccord Capital Corp.
|
| Fees: | 5%, 237,210 broker warrants
|
|
|
| Non-brokered deal
|
| Amount: | C$2,752,500
|
| Units: | 1,835,000
|
| Price: | C$1.50
|
| Warrants: | One half-warrant per unit
|
| Warrant expiration: | One year
|
| Warrant strike price: | C$1.75
|
| Agent: | Non-brokered
|
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