By Devika Patel
Knoxville, Tenn., Dec. 11 - Adriana Resources Inc. said it has raised C$10 million from the second and final tranche of a C$30 million private placement of stock. The deal priced on Nov. 15. The company raised C$20 million from the first non-brokered tranche, which settled on Nov. 26.
In the second tranche, led by GMP Securities LP, the company sold 9,090,909 common shares at C$1.10 apiece for C$10 million.
In the first tranche, the company sold 18,181,817 common shares at C$1.10 apiece to five strategic investors, including WorldLink (Canada) Resources Ltd.
The company paid a finder's fee of 909,090 common shares at C$1.10 per share for the first tranche. For the second tranche, Adriana paid GMP a C$700,000 commission along with 181,818 common shares at C$1.10 per share.
The shares will have a four-month hold period.
Proceeds will be used to make the C$18 million final payment on the Brazil port site acquisition held by the company's subsidiary, Brazore Holdings Ltd. Proceeds also will be used for advanced engineering and design of the iron ore port facility, procurement of equipment and vessels, property investigation for iron ore sources in Brazil and general working capital.
Adriana is a mineral exploration and development company based in Vancouver, B.C.
| Issuer: | Adriana Resources Inc.
|
| Issue: | Common shares
|
| Amount: | C$30 million
|
| Pricing date: | Nov. 15
|
| Stock symbol: | TSX Venture: ADI
|
| Stock price: | C$1.30 at close Nov. 14
|
|
|
| First tranche
|
| Amount: | C$20 million
|
| Shares: | 18,181,817
|
| Price: | C$1.10
|
| Warrants: | No
|
| Investor: | WorldLink (Canada) Resources Ltd.
|
| Agent: | Non-brokered
|
| Fees: | 909,090 common shares
|
| Settlement date: | Nov. 26
|
|
|
| Second tranche
|
| Amount: | C$10 million
|
| Shares: | 9,090,909
|
| Price: | C$1.10
|
| Warrants: | No
|
| Agent: | GMP Securities LP
|
| Fees: | C$700,000, 181,818 common shares
|
| Settlement date: | Dec. 11
|
© 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.
