Upsized deal is brokered by Casimir Capital; funds go for exploration
By Devika Patel
Knoxville, Tenn., Nov. 19 - DeeThree Exploration Ltd. said it completed the first tranche of a private placement of stock and increased its size. The deal is being conducted through a syndicate of agents led by Casimir Capital Ltd. and will now raise C$16.57 million. It priced for C$15 million on Oct. 28.
The company is selling flow-through common shares at C$4.55 per share. It sold 3,213,522 shares in the initial tranche for C$14.62 million. The price per share is an 18.18% discount to the Oct. 27 closing share price of C$3.85.
Settlement of the second tranche is expected Nov. 25.
Proceeds will be used for exploration.
DeeThree, based in Calgary, Alta., is a capital pool company.
Issuer: | DeeThree Exploration Ltd.
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Issue: | Flow-through common stock
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Amount: | C$16,565,103
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Price: | C$4.55
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Warrants: | No
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Agent: | Casimir Capital Ltd. (lead)
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Pricing date: | Oct. 28
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Settlement date: | Nov. 19 (for C$14,621,525), Nov. 25
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Stock symbol: | Toronto: DTX
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Stock price: | C$3.85 at close Oct. 27
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Market capitalization: | C$111.38 million
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