By Sheri Kasprzak
New York, May 7 - Abacus Mining & Exploration Corp. priced a private placement of flow-through and non flow-through units for C$15.05 million.
The company plans to sell 11.5 million non flow-through units at C$0.70 each and 8.75 million flow-through units at C$0.80 each.
The non flow-through units include one share and one half-share warrant. The whole warrants are exercisable at C$1.25 each for 18 months.
The flow-through units consist of one flow-through share and one half-share warrant. Those warrants are also exercisable at C$1.25 each for 18 months.
Pacific International Securities Inc. and Dundee Securities Corp. are the lead agents for the deal. The agents have a greenshoe for up to 2.875 million additional flow-through units.
The offering is expected to close June 6.
The company is also conducting a non-brokered offering of 1 million flow-through units for C$800,000.
Proceeds from both flow-through offerings will be used for exploration on the company's Afton property. The rest will be used for working capital.
Based in Vancouver, B.C., Abacus is a mineral exploration company.
| Issuer: | Abacus Mining & Exploration Corp.
|
| Issue: | Flow-through and non flow-through units of one share and one half-share warrant
|
| Amount: | C$15.05 million
|
| Placement agents: | Pacific International Securities Inc. (lead), Dundee Securities Corp. (lead)
|
| Pricing date: | May 7
|
| Settlement date: | June 6
|
| Stock symbol: | TSX Venture: AME
|
| Stock price: | C$0.68 at close May 7
|
|
|
| Flow-through units
|
| Units: | 8.75 million
|
| Greenshoe: | For up to 2.875 million flow-through units
|
| Price: | C$0.80
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | 18 months
|
| Warrant strike price: | C$1.25
|
|
|
| Non flow-through units
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| Units: | 11.5 million
|
| Price: | C$0.70
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | 18 months
|
| Warrant strike price: | C$1.25
|
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