By Devika Patel
Knoxville, Tenn., Oct. 25 - Full Metal Minerals Ltd. announced it closed an C$18.5 million private placement of units. The deal priced on Oct. 12 for up to C$13 million with a C$1.5 million greenshoe.
The company sold 6 million units at C$2.50 apiece in the brokered portion of the deal. Originally it planned to sell only 4 million units in that portion. It also sold 1.4 million units at the same price in a non-brokered portion. Each unit consists of one share and one-half share warrant. Each whole warrant is exercisable for two years at C$3.00.
The brokered part of the deal was conducted by a syndicate of underwriters led by Canaccord Capital Corp. and including Raymond James Ltd. The syndicate was paid C$1.125 million and received underwriters' warrants exercisable for 600,000 common shares for two years at C$2.50 per share.
Proceeds will be used for exploration and for general working capital.
Full Metal is a Vancouver, B.C.-based mineral company focused on properties in Alaska.
| Issuer: | Full Metal Minerals Ltd.
|
| Issue: | Units of one share and one half-share warrant
|
| Amount: | C$18.5 million
|
| Units: | 7.4 million
|
| Price: | C$2.50
|
| Warrants: | One half warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$3.00
|
| Underwriters: | Canaccord Capital Corp. (lead); Raymond James Ltd. (for 6 million units); remainder non-brokered
|
| Fees: | C$1.125 million; underwriters' warrants for 600,000 common shares
|
| Pricing date: | Oct. 12
|
| Settlement date: | Oct. 25
|
| Stock symbol: | TSX Venture: FMM
|
| Stock price: | C$2.66 at close Oct. 11
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