Deal has C$3.5 million greenshoe; proceeds used at Lac Knife Graphite
By Devika Patel
Knoxville, Tenn., Feb. 23 - Focus Metals Inc. said it has arranged a C$6.5 million private placement of stock. The deal has a C$3.5 million greenshoe.
The company will sell 5 million flow-through shares at C$1.30 each. The price per share is a 25% premium to the Feb. 22 closing share price of C$1.04.
Settlement is expected March 14.
The deal will be conducted by underwriters Cormark Securities Inc. and Byron Capital Markets Ltd.
Proceeds will be used to explore and advance the Lac Knife Graphite Project in Quebec.
The emerging mid-tier junior mining exploration company is based in Ottawa.
| Issuer: | Focus Metals Inc.
|
| Issue: | Flow-through shares
|
| Amount: | C$6.5 million
|
| Greenshoe: | C$3,500,900
|
| Shares: | 5 million
|
| Price: | C$1.30
|
| Warrants: | No
|
| Underwriters: | Cormark Securities Inc. and Byron Capital Markets Ltd.
|
| Pricing date: | Feb. 23
|
| Settlement date: | March 14
|
| Stock symbol: | TSX Venture: FMS
|
| Stock price: | C$1.04 at close Feb. 22
|
| Market capitalization: | C$95.29 million
|
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