Offering with 15% greenshoe finances exploration, corporate purposes
By Devika Patel
Knoxville, Tenn., June 20 - West Kirkland Mining Inc. said it has arranged a C$4 million private placement of units. There is a 15% greenshoe.
The company will sell 11.43 million units of one common share and a half-share warrant at C$0.35 per unit.
Each whole warrant is exercisable at C$0.60 for 18 months. The strike price reflects a 57.9% premium to the June 19 closing share price of C$0.38.
Settlement is expected July 11.
The deal will be conducted by co-leads and joint bookrunners PI Financial Corp. and Cormark Securities Inc.
Proceeds will be used for exploration and general corporate purposes.
"This financing will allow the company to continue our drilling programs and commence engineering work on our TUG project along the Utah-Nevada border," vice president of exploration Michael G. Allen said in a press release. "We have a large land position and recently announced our first resource estimate in the Long Canyon Trend in Nevada. This will be our focus for the balance of 2012."
The gold explorer is based in Vancouver, B.C.
| Issuer: | West Kirkland Mining Inc.
|
| Issue: | Units of one common share and a half-share warrant
|
| Amount: | C$4,000,500
|
| Greenshoe: | 15%
|
| Units: | 11.43 million
|
| Price: | C$0.35
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | 18 months
|
| Warrant strike price: | C$0.60
|
| Bookrunners: | PI Financial Corp. and Cormark Securities Inc.
|
| Pricing date: | June 20
|
| Settlement date: | July 11
|
| Stock symbol: | TSX Venture: WKM
|
| Stock price: | C$0.38 at close June 19
|
| Market capitalization: | C$11.16 million
|
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