Deal funds exploration, corporate purposes; Haywood Securities assists
By Devika Patel
Knoxville, Tenn., Nov. 22 - West Kirkland Mining Inc. said it settled a C$7.76 million private placement of stock and units. The deal priced for C$7.01 million with a 15% greenshoe on Oct. 28.
The company sold 1,575,000 flow-through shares at C$1.27 each and 5,232,500 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.
The deal was conducted by co-lead and joint bookrunners Haywood Securities Inc. and PI Financial Corp.
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 at pricing.
The gold explorer is based in Vancouver, B.C.
| Issuer: | West Kirkland Mining Inc.
|
| Issue: | Flow-through shares, units of one common share and a half-share warrant
|
| Amount: | C$7,756,000
|
| Bookrunners: | Haywood Securities Inc. and PI Financial Corp.
|
| Pricing date: | Oct. 28
|
| Settlement date: | Nov. 22
|
| Stock symbol: | TSX Venture: WKM
|
| Stock price: | C$1.16 at close Oct. 27
|
| Market capitalization: | C$25.76 million
|
|
|
| Shares
|
| Amount: | C$2,000,250
|
| Shares: | 1,575,000
|
| Price: | C$1.27
|
| Warrants: | No
|
|
|
| Units
|
| Amount: | C$5,755,750
|
| Units: | 5,232,500
|
| Price: | C$1.10
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | One year
|
| Warrant strike price: | C$1.50
|
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