By Sheri Kasprzak
New York, April 4 - Celtic Minerals Ltd. said the greenshoe on its previously announced private placement was exercised, pulling up the proceeds to C$6 million.
The company issued a total of 4,285,714 flow-through shares at C$0.70 each and 4,999,999 units at C$0.60 each.
The offering includes the greenshoe for 1,428,571 flow-through shares and 1,666,666 units exercised by agent Jennings Capital Inc.
The units consist of one share and one half-share warrant. Each whole warrant is exercisable at C$1.00 for two years.
The expiry of the warrants may be accelerated to 20 days if the company's stock trades above C$1.25 for more than 20 consecutive trading days.
Placement agent Jennings Capital Inc. has a greenshoe for up to 1,428,571 flow-through shares and up to 1,666,666 units.
Proceeds will be used for ongoing exploration on the company's Newfoundland and Labrador properties.
Based in Calgary, Alta., Celtic is a mineral exploration company.
| Issuer: | Celtic Minerals Ltd.
|
| Issue: | Flow-through shares and units of one share and one half-share warrant
|
| Amount: | C$6 million
|
| Placement agent: | Jennings Capital Inc.
|
| Pricing date: | March 13
|
| Settlement date: | April 4
|
| Stock symbol: | TSX Venture: CME
|
| Stock price: | C$0.66 at close March 13
|
| Stock price: | C$0.74 at close April 4
|
|
|
| Flow-through shares
|
| Shares: | 4,285,714 (includes greenshoe for 1,428,571 shares)
|
| Price: | C$0.70
|
| Warrants: | No
|
|
|
| Units
|
| Units: | 4,999,999 (includes greenshoe for 1,666,666 units)
|
| Price: | C$0.60
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$1.00
|
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