C$3.5 million greenshoe exercised; funds used at Lac Knife Graphite
By Devika Patel
Knoxville, Tenn., March 14 - Focus Metals Inc. said it settled a C$10 million private placement of stock. The deal priced for C$6.5 million with a C$3.5 million greenshoe on Feb. 23.
The company sold 7,693,000 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. Of the shares, 2,693,000 were part of the fully exercised greenshoe.
The deal was conducted by a syndicate of underwriters led by Cormark Securities Inc. and including 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$10,000,900 (including C$3,500,900 greenshoe)
|
| Shares: | 7,693,000
|
| Price: | C$1.30
|
| Warrants: | No
|
| Underwriters: | Cormark Securities Inc. (lead) 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$80.25 million
|
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