Proceeds fund exploration of Granduc Copper, Elmtree Gold properties
By Devika Patel
Knoxville, Tenn., Jan. 27 - Castle Resources Inc. said it will conduct a private placement of stock. The deal priced for C$8 million on Thursday and was increased to C$12 million a few hours later.
Castle Resources will sell common shares at C$0.61 per share. The price per share represents a 4.69% discount to the Jan. 26 closing share price of C$0.64.
The deal will be conducted by an agent syndicate led by Scotia Capital Inc. and including Cormark Securities Inc., Primary Capital Inc. and D & D Securities Inc. The agents have a C$2 million greenshoe.
Proceeds will be used for exploration and development of the Granduc Copper property and the Elmtree Gold property and for general working capital.
Based in Toronto, Castle Resources mines for gold, copper and silver.
Issuer: | Castle Resources Inc.
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Issue: | Common shares
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Amount: | C$12,001,750
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Greenshoe: | C$2 million
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Price: | C$0.61
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Warrants: | No
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Agents: | Scotia Capital Inc. (lead), Cormark Securities Inc., Primary Capital Inc. and D & D Securities Inc.
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Pricing date: | Jan. 27
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Upsized: | Jan. 27
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Stock symbol: | TSX Venture: CRI
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Stock price: | C$0.68 at close Jan. 27
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Market capitalization: | C$32.06 million
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