By Sheri Kasprzak
New York, July 11 - Wesdome Gold Mines Inc. said it has downsized its previously announced C$8 million private placement to C$5 million, citing current market conditions.
The company will now sell up to 3,333,333 flow-through units at C$1.50 each.
The units include one flow-through share and one half-share warrant. The whole warrants provide for an additional non flow-through share at C$1.70 each for one year.
A syndicate of placement agents led by Westwind Partners Inc. and including Research Capital Corp. Pollitt and Co. Inc. and Lowen Ondaatje McCutcheon Ltd. have an over-allotment option for up to 666,666 additional units.
The offering was first announced June 9 as a C$8 million deal comprised of 5 million flow-through shares at C$1.60 each.
Based in Toronto, Wesome is a gold exploration and development company. The proceeds will be used for exploration and drilling on the company's Quebec properties.
| Issuer: | Wesdome Gold Mines Inc.
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| Issue: | Flow-through units of one share and one half-share warrant
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| Amount: | C$5 million (maximum)
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| Units: | 3,333,333 (maximum)
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| Price: | C$1.70
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| Warrants: | One half-share warrant per unit
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| Placement agents: | Westwind Partners Inc. (lead); Research Capital Corp.; Pollitt and Co. Inc.; Lowen Ondaatje McCutcheon Ltd.
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| Pricing date: | June 9
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| Amended: | July 11
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| Stock price: | C$1.45 at close June 9
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| Stock price: | C$1.60 at close July 11
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