Offering with 15% greenshoe finances exploration, corporate purposes
By Devika Patel
Knoxville, Tenn., Oct. 28 - West Kirkland Mining Inc. said it has arranged a C$7.01 million private placement of stock and units.
The company will sell 1,575,000 flow-through shares at C$1.27 each and 4.55 million units of one common share and a half-share warrant at C$1.10 per unit.
Each whole warrant is exercisable at C$1.50 for one year. The strike price reflects a 29.31% premium to the Oct. 27 closing share price of C$1.16. The price per share is a 9.48% premium to that price.
Settlement is expected Nov. 22.
The deal will be conducted by co-lead and joint bookrunners Haywood Securities Inc. and PI Financial Corp. There is a 15% greenshoe.
Proceeds will be used for exploration and general corporate purposes.
"This financing will allow the company to expand our drilling programs in both North American gold camps, in 2011 and 2012, targeting multiple zones within over 1,200 square kilometers of mineral rights and majority option positions," vice president of exploration Michael Allen said in a press release.
The gold explorer is based in Vancouver, B.C.
Issuer: | West Kirkland Mining Inc.
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Issue: | Flow-through shares, units of one common share and a half-share warrant
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Amount: | C$7,005,250
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Greenshoe: | 15%
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Bookrunners: | Haywood Securities Inc. and PI Financial Corp.
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Pricing date: | Oct. 28
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Settlement date: | Nov. 22
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Stock symbol: | TSX Venture: WKM
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Stock price: | C$1.16 at close Oct. 27
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Market capitalization: | C$28.59 million
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Shares
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Amount: | C$2,000,250
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Shares: | 1,575,000
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Price: | C$1.27
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Warrants: | No
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Units
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Amount: | C$5,005,000
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Units: | 4.55 million
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Price: | C$1.10
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Warrants: | One half-share warrant per unit
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Warrant expiration: | One year
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Warrant strike price: | C$1.50
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