By Laura Lutz
Des Moines, Oct. 12 - Full Metal Minerals Ltd. priced and then upsized a private placement of units on Friday. The deal is now expected to raise C13.5 million.
The company plans to sell up to 5.4 million units of one share and one half-share warrant at C$2.50 per unit. Each whole warrant will be exercisable at C$3.00 for two years.
Of the units, 4 million will be sold in a brokered offering through a syndicate of underwriters led by Canaccord Capital Corp. and including Raymond James Ltd.
The underwriters have a greenshoe for 2 million units. The greenshoe was originally set at 600,000 units when the offering priced on Friday morning.
Up to 1.4 million units may be sold on a non-brokered basis. The non-brokered offering was originally expected to include 1.2 million units before it was upsized later in the day.
Proceeds will be used for exploration and working capital.
Full Metal is a mineral exploration company based in Vancouver, B.C.
| Issuer: | Full Metal Mineral Ltd.
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| Issue: | Units of one share and one half-share warrant
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| Amount: | C$13.5 million
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| Units: | 5,400,000
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| Price: | C$2.50
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| Warrants: | One half-share warrant per unit
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| Warrant expiration: | Two years
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| Warrant strike price: | C$2.50
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| Underwriters: | Canaccord Capital Corp. (lead) and Raymond James Ltd. for C$10 million; non-brokered for C$3.5 million
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| Pricing date: | Oct. 12
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| Upsized: | Oct. 12
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| Stock symbol: | TSX Venture: FMM
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| Stock price: | C$2.58 at close Oct. 12
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