Non-brokered deal funds planned acquisition of the Hasbrouck project
By Devika Patel
Knoxville, Tenn., April 17 - West Kirkland Mining Inc. said it raised C$4.84 million in the initial tranche of a non-brokered private placement of units. The deal priced for between C$5.1 million and C$8.51 million on April 9.
The company is selling between 34 million and 56.7 million units of one common share and one warrant at C$0.15 per unit. Each warrant will be exercisable at C$0.30 for five years. The strike price is a 76.47% premium to the April 8 closing share price of C$0.17.
The company sold 32,292,666 units in the first tranche.
A 6% cash finder's fee will be paid in to affiliates of Sprott Inc.
The company also said it settled a C$24.39 million public sale of units at the same price. The deal priced for between C$16.5 million and C$22.5 million with a 15% greenshoe on April 9. The greenshoe was partially exercised. For this sale, West Kirkland hired a syndicate of agents co-led by Cormark Securities Inc. and PI Financial Corp. and including GMP Securities LP and Macquarie Capital Markets Canada Ltd.
Proceeds will be used for an acquisition payment to Allied Nevada Gold Corp. in connection with the company's planned acquisition of the Hasbrouck project and general corporate purposes.
The gold explorer is based in Vancouver, B.C.
| Issuer: | West Kirkland Mining Inc.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | C$5.1 million (minimum), C$8,505,000 (maximum)
|
| Units: | 34 million (minimum), 56.7 million (maximum)
|
| Price: | C$0.15
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Five years
|
| Warrant strike price: | C$0.30
|
| Agent: | Non-brokered
|
| Pricing date: | April 9
|
| Settlement date: | April 17 (for C$4,843,900)
|
| Stock symbol: | TSX Venture: WKM
|
| Stock price: | C$0.17 at close April 8
|
| Market capitalization: | C$7.97 million
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
