Vancouver, B.C., mineral explorer sells equity units at C$2.50 apiece
By Devika Patel
Knoxville, Tenn., Oct. 4 - Eurasian Minerals Inc. said it will sell 7 million units in a private placement.
The company will sell the units of one common share and a warrant at C$2.50 apiece for C$17.5 million.
Each five-year warrant is exercisable at C$3.50 in the first year, C$4.00 in the second year, C$4.50 in the third year, C$5.00 in the fourth year and C$5.50 in the final year.
The strike prices reflect 8.18%, 40.85%, 58.45%, 76.06% and 93.66% premiums to C$2.84, the Oct. 1 closing share price.
According to David M. Cole, president and chief executive officer, the funding will be used for "additional exploration work and organic growth within the company" - specifically, to help grow the Eurasian Capital division.
Cole said, "The board of directors believes now is a good time" to raise cash and that investors have been "keen to participate."
He also said he expected the deal to close "promptly."
Based in Vancouver, B.C., Eurasian is a mineral exploration company.
Stephanie N. Rotondo contributed to this article.
| Issuer: | Eurasian Minerals Inc.
|
| Issue: | Units of one common share and a warrant
|
| Amount: | C$17.5 million
|
| Units: | 7 million
|
| Price: | C$2.50
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Five years
|
| Warrant strike price: | C$3.50 in the first year, C$4.00 in the second year, C$4.50 in the third year, C$5.00 in the fourth year and C$5.50 in the fifth year
|
| Pricing date: | Oct. 4
|
| Stock symbol: | TSX Venture: EMX
|
| Stock price: | C$2.84 at close Oct. 1
|
| Market capitalization: | C$97.47 million
|
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