By Devika Patel
Knoxville, Tenn., Aug. 4 - Canaco Resources Inc. said it completed a C$25.06 million private placement of stock via a syndicate of underwriters led by TD Securities Inc. and including Canaccord Genuity Corp., Haywood Securities Inc. and Dundee Securities Corp. The deal priced for C$20.02 million with a C$5.04 million greenshoe on July 19.
The company sold 17.9 million common shares at C$1.40 per share on a bought-deal basis. The shares were sold at a 10.26% discount to the July 16 closing share price of C$1.56. Of the shares, 3.5 million were part of the fully exercised greenshoe.
Proceeds will be used for exploration and development of the company's mineral properties and for general corporate purposes.
Vancouver, B.C.-based Canaco is a mineral exploration company.
| Issuer: | Canaco Resources Inc.
|
| Issue: | Common shares
|
| Amount: | C$25.06 million, including C$5.04 million greenshoe
|
| Shares: | 17.9 million
|
| Price: | C$1.40
|
| Warrants: | No
|
| Agents: | TD Securities Inc. (lead), Canaccord Genuity Corp., Haywood Securities Inc. and Dundee Securities Corp.
|
| Pricing date: | July 19
|
| Settlement date: | Aug. 4
|
| Stock symbol: | TSX Venture: CAN
|
| Stock price: | C$1.56 at close July 16
|
| Market capitalization: | C$223.26 million
|
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