By Laura Lutz
Des Moines, June 13 - YGC Resources Ltd. closed the final tranche of its private placement of subscription receipts, bringing the total deal size to C$76,233,354, down from the C$86.4 million maximum deal size announced at pricing on April 27.
In total, the company has sold 42,351,864 subscription receipts at C$1.80 apiece.
The final tranche included 2.4 million brokered subscription receipts and 6,377,364 non-brokered subscription receipts.
The first tranche, which settled on May 30, consisted of 33,574,500 subscription receipts.
The brokered portion of the deal was placed through a syndicate co-led by Pacific International Securities Inc. and Casimir Capital LP and including Blackmont Capital Inc. and Wellington West Capital Markets Inc.
When the offering priced, the syndicate of agents had an over-allotment option for up to 7.2 million additional subscription receipts.
Each subscription receipt will be exchangeable for one common share and one half-share warrant upon satisfaction of release conditions including approval of a planned merger with Queenstake Resources Ltd.
If the release conditions are not satisfied by 4 p.m. ET on June 29, the proceeds will be refunded to subscribers.
Each whole warrant will be exercisable at C$3.00 for five years.
Proceeds will be used for mine development, plant and equipment upgrades, a feasibility study, and working capital.
YGC is a resource exploration company based in Toronto.
| Issuer: | YGC Resources Ltd.
|
| Issue: | Subscription receipts exchangeable for one share and one half-share warrant
|
| Amount: | C$76,233,354
|
| Subscription receipts: | 42,351,864
|
| Price: | C$1.80
|
| Warrants: | One half-share warrant upon exchange
|
| Warrant expiration: | Five years
|
| Warrant strike price: | C$3.00
|
| Pricing date: | April 27
|
| Settlement date: | May 30 (for C$60,434,100); June 12 (for C$15,799,254)
|
| Stock symbol: | Toronto: YGC
|
| Stock price: | C$1.89 at close April 27
|
| Stock price: | C$1.69 at close May 30
|
| Stock price: | C$1.62 at close June 12
|
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