By Devika Patel
Knoxville, Tenn., Nov. 9 - Tyhee Development Corp. said it will conduct a C$12.5 million private placement of stock.
The company will sell up to 7,692,307 common shares at C$0.65 per share for C$5 million and 10 million flow-through common shares at C$0.75 apiece for C$7.5 million.
The deal is being conducted by Loewen, Ondaatje, McCutcheon Ltd. Loewen Ondaatje will be paid a 7% cash commission on the flow-through shares sale and 6% on the common shares sale and receive warrants to purchase a number of common shares equal to 4% of the number of common shares sold. The warrants are exercisable at C$0.65 for 15 months.
Proceeds of the deal, which is expected to close Dec. 4, will be used for exploration, development and other corporate purposes.
Tyhee is a gold exploration company based in Vancouver, B.C.
| Issuer: | Tyhee Development Corp.
|
| Issue: | Common shares, flow-through common shares
|
| Amount: | C$12.5 million
|
| Warrants: | No
|
| Underwriters: | Loewen, Ondaatje, McCutcheon Ltd.
|
| Fees: | 7% cash for flow-through shares, 6% cash and 4% in warrants for common shares
|
| Pricing date: | Nov. 9
|
| Settlement date: | Dec. 4
|
| Stock symbol: | TSX Venture: TDC
|
| Stock price: | C$0.72 at close Nov. 8
|
|
|
| Common shares
|
| Amount: | C$5 million
|
| Shares: | 7,692,307
|
| Price: | C$0.65
|
|
|
| Flow-through shares
|
| Amount: | C$7.5 million
|
| Shares: | 10 million
|
| Price: | C$0.75
|
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