Scotiabank, RBC sell 14 million shares at C$1.29 for drill campaign
By Devika Patel
Knoxville, Tenn., May 27– Arizona Mining Inc. said on Friday that it will raise C$18.06 million in a private placement of stock via a syndicate of underwriters led by Scotiabank and RBC Capital Markets.
The company will sell 14 million common shares at C$1.29 per share. The price per share is an 11.04% discount to C$1.45, the May 25 closing share price.
JP Morgan Asset Management U.K. is the lead investor.
Settlement is expected June 9.
Proceeds will be used for a drill campaign to determine the size and extent of the Taylor Deposit at the company's Hermosa Project.
The Vancouver, B.C., company explores for lead, zinc and silver.
| Issuer: | Arizona Mining Inc.
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| Issue: | Common stock
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| Amount: | C$18.06 million
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| Shares: | 14 million
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| Price: | C$1.29
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| Warrants: | No
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| Agent: | Scotiabank and RBC Capital Markets (leads)
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| Investor: | JP Morgan Asset Management U.K. (lead)
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| Pricing date: | May 26
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| Settlement date: | June 9
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| Stock symbol: | Toronto: AZ
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| Stock price: | C$1.45 at close May 25
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| Market capitalization: | C$348.46 million
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