Brokered deal conducted through Dundee Securities to fund exploration
By Devika Patel
Knoxville, Tenn., Nov. 7 - Elgin Mining Inc. said it has negotiated a private placement of stock to raise at least C$6 million. Dundee Securities Ltd. will be the co-lead agent of a syndicate, which includes Primary Capital Inc. and Raymond James Ltd.
The company will sell flow-through common shares at C$1.40 apiece on a best-efforts basis. The price per share is a 16.67% premium to the Nov. 4 closing share price of C$1.20.
Settlement is expected on Nov. 29.
Proceeds will be used for exploration.
Based in Vancouver, B.C., Elgin is a gold mining company.
| Issuer: | Elgin Mining Inc.
|
| Issue: | Flow-through common stock
|
| Amount: | C$6 million (minimum)
|
| Price: | C$1.40
|
| Warrants: | No
|
| Agent: | Dundee Securities Ltd. (co-lead), Primary Capital Inc. and Raymond James Ltd.
|
| Pricing date: | Nov. 7
|
| Settlement date: | Nov. 29
|
| Stock symbol: | TSX Venture: ELG
|
| Stock price: | C$1.20 at close Nov. 7
|
| Market capitalization: | C$66.67 million
|
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