By Devika Patel
Knoxville, Tenn., Oct. 4 - Celtic Minerals Ltd. said its C$6 million non-brokered private placement of stock has been oversubscribed and the agent, Jennings Capital Inc., exercised its greenshoe for C$1.5 million, bringing the total offering to C$7.5 million upon closing. The deal priced on Sept. 17.
The company sold 6,000,000 flow-through common shares at C$1.25 apiece, which includes the greenshoe of 1,200,000 shares.
The shares will have a four-month hold period.
Jennings Capital was paid a 7% commission and received compensation warrants to acquire up to 420,000 common shares at C$1.25 for two years.
As previously reported, proceeds will be used for exploration, drilling and geophysical and geological surveys.
Based in Calgary, Alta., Celtic is a mineral exploration company.
| Issuer: | Celtic Minerals Ltd.
|
| Issue: | Flow-through common shares
|
| Amount: | C$7.5 million (including greenshoe for C$1.5 million)
|
| Shares: | 6,000,000 (including greenshoe for 1,200,000)
|
| Price: | C$1.25
|
| Warrants: | No
|
| Agent: | Jennings Capital Inc.
|
| Fees: | 7%; compensation warrants for up to 420,000 common shares
|
| Pricing date: | Sept. 17
|
| Settlement date: | Oct. 4
|
| Stock symbol: | TSX Venture: CME
|
| Stock price: | C$1.05 at close Sept. 14
|
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