Best-efforts offering to be conducted by Loewen, Ondaatje, McCutcheon
By Devika Patel
Knoxville, Tenn., Oct. 26 - Tyhee Development Corp. said it increased and amended the terms of a private placement. The deal priced as a C$5 million stock offering on Sept. 21 and will now raise C$6.5 million through two types of units.
The company will now sell 40 million units of one common share and one half-share warrant at C$0.10 per unit and 21 million flow-through units of one flow-through common share and a half-share warrant at C$0.12 per unit.
Each whole warrant is exercisable at C$0.125 for two years. The warrant strike price is a 7.41% discount to the Sept. 20 closing share price of C$0.135.
Loewen, Ondaatje, McCutcheon Ltd. will conduct the offering on a best-efforts basis.
Settlement is expected Oct. 29.
Proceeds will be used for exploration, further permitting, engineering studies and general corporate purposes.
Tyhee is a gold exploration company based in Vancouver, B.C.
| Issuer: | Tyhee Development Corp.
|
| Issue: | Units of one common share and one half-share warrant, flow-through units of one flow-through common share and one half-share warrant
|
| Amount: | C$6.5 million
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.125
|
| Agents: | Loewen, Ondaatje, McCutcheon Ltd.
|
| Pricing date: | Sept. 21
|
| Amended: | Oct. 26
|
| Settlement date: | Oct. 29
|
| Stock symbol: | TSX Venture: TDC
|
| Stock price: | C$0.135 at close Sept. 20
|
| Market capitalization: | C$25.53 million
|
|
|
| Units
|
| Amount: | C$4 million
|
| Units: | 40 million
|
| Price: | C$0.10
|
|
|
| Flow-through units
|
| Amount: | C$2.5 million
|
| Units: | 21 million
|
| Price: | C$0.12
|
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