Non-brokered deal funds work programs and general corporate purposes
By Devika Patel
Knoxville, Tenn., Sept. 23 – Margaret Lake Diamonds Inc. said it will raise C$1.09 million in a non-brokered private placement of stock and units.
The company will sell 1.2 million flow-through common shares at C$0.28 apiece and 3 million units of one common share and a half-share warrant at C$0.25 per unit. Each whole one-year warrant is exercisable at C$0.30.
The price per share represents a 21.74% premium to C$0.23, the Sept. 22 closing share price. The warrant strike price is a 30.44% premium to that price.
Proceeds will be used for work programs and general corporate purposes.
The diamond exploration company is based in Vancouver, B.C.
| Issuer: | Margaret Lake Diamonds Inc.
|
| Issue: | Flow-through common shares, units of one common share and a half-share warrant
|
| Amount: | C$1,086,000
|
| Agent: | Non-brokered
|
| Pricing date: | Sept. 23
|
| Stock symbol: | TSX Venture: DIA
|
| Stock price: | C$0.23 at close Sept. 22
|
| Market capitalization: | C$526,470
|
|
|
| Shares
|
| Amount: | C$336,000
|
| Shares: | 1.2 million
|
| Price: | C$0.28
|
| Warrants: | No
|
|
|
| Units
|
| Amount: | C$750,000
|
| Units: | 3 million
|
| Price: | C$0.25
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | One year
|
| Warrant strike price: | C$0.30
|
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