Deal conducted by GMP Securities, National Bank and Integral Capital
By Devika Patel
Knoxville, Tenn., July 28 – High North Resources Ltd. said it plans a C$10 million private placement of stock.
The company will sell 11,112,000 common shares at C$0.45 apiece, a 15.09% discount to the July 25 closing share price of C$0.53. It also will sell 9,091,000 flow-through common shares at C$0.55 apiece, a 3.77% premium to the July 25 closing share price.
The deal will be conducted on a commercially reasonable efforts basis by co-lead agents GMP Securities LP, National Bank Financial Inc. and Integral Capital Markets.
Settlement is expected Aug. 20.
Proceeds will be used for exploration, a four-well drilling program on the company's core area in Block A and Block H, the company's capital program and for general and corporate purposes.
High North is a Calgary, Alta., oil and gas development company.
| Issuer: | High North Resources Ltd.
|
| Issue: | Common shares, flow-through common shares
|
| Amount: | C$10,000,450
|
| Greenshoe: | C$2 million
|
| Warrants: | No
|
| Underwriters: | GMP Securities LP, National Bank Financial Inc. and Integral Capital Markets (co-leads)
|
| Pricing date: | July 28
|
| Settlement date: | Aug. 20
|
| Stock symbol: | TSX Venture: HN
|
| Stock price: | C$0.53 at close July 25
|
| Market capitalization: | C$15.92 million
|
|
|
| Common stock
|
| Amount: | C$5,000,400
|
| Shares: | 11,112,000
|
| Price: | C$0.45
|
|
|
| Flow-through stock
|
| Amount: | C$5,000,050
|
| Shares: | 9,091,000
|
| Price: | C$0.55
|
|
|
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