Company sells 17.7 million units of one share, one half-share warrant
By Susanna Moon
Chicago, April 28 - Mason Graphite Inc. said underwriters fully exercised the C$1.5 million over-allotment option on its private placement of units for total proceeds of C$11,500,007. The deal priced for C$8 million with a C$1.2 million greenshoe on April 3 and was increased a few hours later to a C$10 million private placement of units with a C$1.5 million greenshoe.
The company issued, on a bought deal basis, a total of 17,692,319 units at a price of C$0.65 each.
Each whole warrant is exercisable at C$0.85 for two years. The strike price reflects a 23.19% premium to the April 2 closing share price of C$0.69.
The offering was led by Macquarie Capital Markets Canada Ltd.
Proceeds will be used for development of the Lac Gueret project and general corporate purposes.
The graphite explorer is based in Montreal.
| Issuer: | Mason Graphite Inc.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | C$11,500,007 (greenshoe exercised for C$1.5 million)
|
| Units: | 17,692,319
|
| Price: | C$0.65
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.85
|
| Underwriter: | Macquarie Capital Markets Canada Ltd. (lead)
|
| Investor: | Ressources Quebec (for C$3 million)
|
| Pricing date: | April 3
|
| Upsized: | April 3
|
| Settlement date: | April 30
|
| Stock symbol: | TSX Venture: LLG
|
| Stock price: | C$0.69 at close April 2
|
| Market capitalization: | C$48.95 million
|
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