By Sheri Kasprzak
New York, Dec. 5 - Murchison Metals Ltd. has received agreements for its oversubscribed A$28 million private placement.
The company will sell 87.5 million shares at A$0.32 each to institutional investors.
RBC Capital Markets is the placement agent.
Proceeds will be used for a feasibility study on stage 2 and working capital for the Jack Hills project.
The deal is slated to close Dec. 12.
According to a statement from Murchison, the company had only intended to raise A$20 million from the deal.
Based in West Perth, Western Australia, Murchison is an iron ore exploration company.
| Issuer: | Murchison Metals Ltd.
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| Issue: | Stock
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| Amount: | A$28 million
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| Shares: | 87.5 million
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| Price: | A$0.32
|
| Warrants: | No
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| Placement agent: | RBC Capital Markets
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| Announcement date: | Dec. 5
|
| Settlement date: | Dec. 12
|
| Stock price: | A$0.385 at close Dec. 5
|
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