By Devika Patel
Knoxville, Tenn., Dec. 13 - Tyhee Development Corp. said it has completed a C$7.5 million tranche of a C$12.5 million private placement of stock. The deal priced on Nov. 9.
In this tranche, Tyhee sold 9,999,931 flow-through common shares at C$0.75 apiece. When the deal priced, the company said it intended to sell 10 million of the shares.
The company also said at pricing that it will sell up to 7,692,307 common shares at C$0.65 per share for C$5 million.
The deal is being conducted by a Loewen, Ondaatje, McCutcheon Ltd. Loewen Ondaatje will be paid a 7% cash commission on the flow through shares sale and 6% on the common shares sale and receive warrants to purchase a number of common shares equal to 4% of the number of common shares sold. The warrants are exercisable at C$0.65 for 15 months.
Proceeds will be used for exploration, development and other corporate purposes.
Tyhee is a gold exploration company based in Vancouver, B.C.
| Issuer: | Tyhee Development Corp.
|
| Issue: | Common shares, flow-through common shares
|
| Amount: | C$12.5 million
|
| Warrants: | No
|
| Underwriters: | Loewen, Ondaatje, McCutcheon Ltd.
|
| Fees: | 7% cash on the flow through shares sale, 6% cash and 4% in warrants on the common shares sale
|
| Pricing date: | Nov. 9
|
| Stock symbol: | TSX Venture: TDC
|
| Stock price: | C$0.72 at close Nov. 8
|
|
|
| Common shares
|
| Amount: | C$5 million
|
| Shares: | 7,692,307
|
| Price: | C$0.65
|
|
|
| Flow-through shares
|
| Amount: | C$7,499,948.25
|
| Shares: | 9,999,931
|
| Price: | C$0.75
|
| Settlement date: | Dec. 12
|
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