C$1.65 million greenshoe exercised in full; offering funds exploration
By Devika Patel
Knoxville, Tenn., Feb. 16 - Waymar Resources Ltd. announced it concluded a private placement of units. The deal priced for C$11 million with a C$1.65 million greenshoe on Jan. 24 and raised the full C$12.65 million.
The company sold 11.5 million units at C$1.10 apiece on a best-efforts basis. The units consist of one common share and one half-share warrant. Each whole warrant is exercisable at C$1.50 for two years. The strike price reflects a 30.44% premium to the Jan. 21 closing share price of C$1.15.
HudBay Minerals Inc. bought 2 million units for C$2.2 million.
The deal was conducted by a syndicate of agents co-led by GMP Securities LP and PowerOne Capital Markets Ltd. and including Clarus Securities Inc. and Jennings Capital Inc.
Proceeds will fund exploration of Waymar's properties and general corporate purposes.
Toronto-based Waymar Resources is a resource company.
| Issuer: | Waymar Resources Ltd.
|
| Issue: | Units of one common share and a half-share warrant
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| Amount: | C$12.65 million (including C$1.65 million greenshoe exercise)
|
| Units: | 11.5 million
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| Price: | C$1.10
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
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| Warrant strike price: | C$1.50
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| Agents: | GMP Securities LP and PowerOne Capital Markets Ltd. (co-leads), Clarus Securities Inc. and Jennings Capital Inc.
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| Investor: | HudBay Minerals Inc. (for C$2.2 million)
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| Pricing date: | Jan. 24
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| Settlement date: | Feb. 16
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| Stock symbol: | TSX Venture: WYM
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| Stock price: | C$1.15 at close Jan. 21
|
| Market capitalization: | C$41.91 million
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