By Devika Patel
Knoxville, Tenn., Aug. 9 - Edgewater Exploration Ltd. said it plans a C$10 million private placement of subscription receipts. The deal has a C$5 million greenshoe.
The company will sell 9,090,900 receipts at C$1.10 apiece on a best-efforts basis. The price per receipt reflects a 6.78% discount over the Aug. 6 closing share price of C$1.18.
Each receipt will convert into one common share.
The deal will be conducted via lead agent Cormark Securities Inc.
Settlement is expected Aug. 25.
Proceeds will be used for exploration and drilling programs in Ghana and Spain, scheduled property payments and general working capital.
Based in Vancouver, B.C., Edgewater owns mineral exploration properties.
| Issuer: | Edgewater Exploration Ltd.
|
| Issue: | Subscription receipts
|
| Amount: | C$10 million
|
| Greenshoe: | C$5 million
|
| Receipts: | 9,090,900
|
| Price: | C$1.10
|
| Warrants: | No
|
| Agent: | Cormark Securities Inc.
|
| Pricing date: | Aug. 9
|
| Settlement date: | Aug. 25
|
| Stock symbol: | TSX Venture: EDW
|
| Stock price: | C$0.67 at close Aug. 6
|
| Market capitalization: | C$58.3 million
|
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