By Laura Lutz
Des Moines, May 22 - Inter-Citic Minerals Inc. raised C$1,046,080 from a non-brokered tranche of its previously announced private placement of units, bringing the total deal size to C$7,792,120.
The final tranche included 747,200 units at C$1.40 each.
The brokered tranche, which consisted of 4,818,600 units at the same price, settled on May 9. That tranche included a partially exercised greenshoe for C$745,640.
Each unit consists of one share and one half-share transferable warrant. Each whole warrant will be exercisable for 18 months, at C$1.95 in the first year and at C$2.25 thereafter.
The deal priced on April 10 as an offering of up to 4.286 million units for proceeds of up to C$6,000,400. At the time, the agents had a greenshoe for up to 1.429 million units, for additional proceeds of up to C$2,000,600.
A syndicate co-led by Pacific International Securities Inc. and Wellington West Capital Markets Inc. acted as co-agents for the brokered portion.
Proceeds will be used for exploration of the company's Dachang gold property in China and for working capital.
Toronto-based Inter-Citic Minerals is an exploration and development company with properties in the People's Republic of China.
| Issuer: | Inter-Citic Minerals Inc.
|
| Issue: | Units of one share and one half-share warrant
|
| Amount: | C$7,792,120
|
| Units: | 5,565,800 (includes greenshoe for 532,600 units)
|
| Price: | C$1.40
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | 18 months
|
| Warrant strike price: | C$1.95 in the first year; C$2.25 thereafter
|
| Agents: | Pacific International Securities Inc. and Wellington West Capital Markets Inc. for C$6,747,040; non-brokered for C$1,046,080
|
| Pricing date: | April 10
|
| Settlement date: | May 9 (for C$6,747,040); May 22 (for C$1,046,080)
|
| Stock symbol: | Toronto: ICI
|
| Stock price: | C$1.48 at close April 10
|
| Stock price: | C$1.30 at close May 9
|
| Stock price: | C$1.27 at close May 21
|
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