Deal conducted by Octagon to fund exploration and Rainy River project
By Devika Patel
Knoxville, Tenn., April 7 - Bayfield Ventures Corp. said it settled a C$5.51 million private placement of units and stock. The deal priced for C$5 million with a greenshoe on March 9 and was revised on March 25.
The company sold 1,153,750 units of one common share and one half-share warrant at C$0.80 per unit. Each whole warrant will be exercisable at C$1.20 for three years. The strike price represents a 46.34% premium to C$0.82, the closing share price on March 8.
Bayfield also sold 5,099,322 flow-through shares at C$0.90 per share. The price per share is a 9.76% premium to the March 8 closing share price.
The placement was conducted by agent Octagon Capital Corp.
Proceeds will be used for exploration, to fund the Rainy River mineral project in Ontario and for general working capital.
Vancouver, B.C.-based Bayfield is a gold exploration company.
| Issuer: | Bayfield Ventures Corp.
|
| Issue: | Flow-through shares, units of one common share and one half-share warrant
|
| Amount: | C$5,512,390 (including C$511,890 greenshoe)
|
| Agent: | Octagon Capital Corp.
|
| Pricing date: | March 9
|
| Revised: | March 25
|
| Settlement date: | April 7
|
| Stock symbol: | TSX Venture: BYV
|
| Stock price: | C$0.82 at close March 8
|
| Market capitalization: | C$37.97 million
|
|
|
| Units
|
| Amount: | C$923,000
|
| Units: | 1,153,750
|
| Price: | C$0.80
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Three years
|
| Warrant strike price: | C$1.20
|
|
|
| Flow-through shares
|
| Amount: | C$4,589,390
|
| Shares: | 5,099,322
|
| Price: | C$0.90
|
© 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.
