Placement to be settled in two tranches within six weeks
By Angela McDaniels
Tacoma, Wash., May 26 - Inter-Citic Minerals Inc. said it arranged to sell up to 11,052,632 common shares for C$21 million in a non-brokered private placement.
The price per share is C$1.90, which is a 21.79% premium to the company's C$1.56 closing share price on May 25.
The financing will take place in two tranches. The first tranche for up to C$12.6 million will be completed in about four weeks, and the second tranche for up to C$8.4 million will be completed in about six weeks, according to a company news release.
The company said the subscribers are primarily investors in Hong Kong and China.
The proceeds will be used to advance the company's Dachang gold project in China and for general corporate purposes.
Toronto-based Inter-Citic Minerals is a gold exploration and development company.
| Issuer: | Inter-Citic Minerals Inc.
|
| Issue: | Common stock
|
| Amount: | Up to C$21 million
|
| Shares: | Up to 11,052,632
|
| Price: | C$1.90
|
| Warrants: | No
|
| Agent: | Non-brokered
|
| Pricing date: | May 26
|
| Stock symbol: | Toronto: ICI
|
| Stock price: | C$1.60 at close May 26
|
| Market capitalization: | C$170.33 million
|
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