Barclays will assist in funding development of the Twin Metals Project
By Devika Patel
Knoxville, Tenn., March 13 - Duluth Metals Ltd. said it plans an C$8.62 million private placement of stock. Barclays is the agent for the deal, which was announced Monday.
The company will sell 13,263,125 common shares at C$0.65 per share on a best-efforts basis. The price per share reflects a 1.52% discount to the March 12 closing share price of C$0.66.
Settlement is expected March 18.
Proceeds will be used for development of the Twin Metals Project and general corporate purposes.
Duluth is a copper, nickel and platinum exploration company based in Toronto.
| Issuer: | Duluth Metals Ltd.
|
| Issue: | Common shares
|
| Amount: | C$8,621,031
|
| Shares: | 13,263,125
|
| Price: | C$0.65
|
| Warrants: | No
|
| Agent: | Barclays
|
| Announcement date: | March 10
|
| Pricing date: | March 13
|
| Settlement date: | March 18
|
| Stock symbol: | Toronto: DM
|
| Stock price: | C$0.66 at close March 12
|
| Market capitalization: | C$86.9 million
|
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