Company sells units through Cantor Fitzgerald and Rodman & Renshaw
By Devika Patel
Knoxville, Tenn., July 6 – Great Panther Silver Ltd. priced a $26 million public offering of units with a $3.9 million greenshoe, according to a company news release.
The company initially priced $20 million of units with a $3 million greenshoe on July 6 but increased the size of the deal later that day due to increased demand.
The company will sell 16.25 million units of one common share and one half-share warrant at $1.60 per unit, with each whole warrant exercisable at $2.25 for 18 months. The strike price is a 20.32% premium to the July 5 closing share price of $1.87.
Cantor Fitzgerald Canada Corp. and Rodman & Renshaw are the bookrunners.
Settlement is expected July 12.
Proceeds will be used for operating, development and exploration expenditures at the company’s mining operations and projects, possible acquisitions, general corporate and working capital purposes.
The silver mining and exploration company is based in Vancouver, B.C.
| Issuer: | Great Panther Silver Ltd.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | $26 million
|
| Greenshoe: | $3.9 million, or 2,437,500 units
|
| Units: | 16.25 million
|
| Price: | $1.60
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | 18 months
|
| Warrant strike price: | $2.25
|
| Bookrunners: | Cantor Fitzgerald Canada Corp. and Rodman & Renshaw
|
| Co-managers: | Euro Pacific Capital, Inc. and Sprott Private Wealth LP
|
| Pricing date: | July 6
|
| Settlement date: | July 12
|
| Stock symbol: | NYSE: GPL
|
| Stock price: | $1.87 at close July 5
|
| Market capitalization: | $267.21 million
|
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