By Laura Lutz
Des Moines, March 22 - Eastern Platinum Ltd. negotiated a private placement of shares for C$175,000,070.
The company plans to sell 92,105,300 shares at C$1.90 each.
Investors outside of North America will be allowed to pay for shares in British pounds, and for that purpose, the share price will be set at £0.84 per share.
The deal will be underwritten by a syndicate led by Canaccord Capital Corp. and GMP Securities LP and including UBS Securities Canada Inc. and Raymond James Ltd.
The underwriters have a greenshoe for up to 15% of the offering size, exercisable up to 30 days after closing of the deal.
Proceeds will be used to accelerate development at Eastern Platinum's Spitzkop Platinum Group Metals project, to investigate and possibly refurbish the smelter at the Barplats' Crocodile River mine, for potential acquisitions and for working capital.
Settlement is expected on April 12.
Eastern Platinum is a resource company based in Vancouver, B.C.
| Issuer: | Eastern Platinum Ltd.
|
| Issue: | Shares
|
| Amount: | C$175,000,070
|
| Shares: | 92,105,300
|
| Greenshoe: | For 15%
|
| Price: | C$1.90
|
| Warrants: | No
|
| Underwriters: | Canaccord Capital Corp. (lead), GMP Securities LP (lead); UBS Securities Canada Inc., Raymond James Ltd.
|
| Pricing date: | March 22
|
| Settlement date: | April 12
|
| Stock symbol: | Toronto: ELR
|
| Stock price: | C$2.00
|
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