Barclays assists in funding development of the Twin Metals project
By Devika Patel
Knoxville, Tenn., March 18 - Duluth Metals Ltd. said it raised C$6.53 million in the first tranche of an C$8.62 million private placement of stock. Barclays is the agent for the deal, which was announced on March 10 and priced on March 13.
The company will sell 13,263,125 common shares at C$0.65 per share on a best-efforts basis. The price per share reflects a 1.52% discount to the March 12 closing share price of C$0.66. Duluth sold 10,052,669 shares in the initial tranche.
Proceeds will be used for development of the Twin Metals project and general corporate purposes.
Duluth is a copper, nickel and platinum exploration company based in Toronto.
| Issuer: | Duluth Metals Ltd.
|
| Issue: | Common shares
|
| Amount: | C$8,621,031
|
| Shares: | 13,263,125
|
| Price: | C$0.65
|
| Warrants: | No
|
| Agent: | Barclays
|
| Announcement date: | March 10
|
| Pricing date: | March 13
|
| Settlement date: | March 18 (for C$6,534,235)
|
| Stock symbol: | Toronto: DM
|
| Stock price: | C$0.66 at close March 12
|
| Market capitalization: | C$90.68 million
|
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