Offering finances advancement of Dachang project, corporate purposes
By Devika Patel
Knoxville, Tenn., June 28 - Inter-Citic Minerals Inc. said it completed the first tranche of a non-brokered private placement of units. The offering priced as a C$21 million stock offering on May 26, and the company raised C$12.6 million in this tranche.
The company is selling 11,052,632 units of one common share and a half-share warrant at C$1.90 apiece. It sold 6,631,579 units in the initial tranche. The whole warrants are exercisable at C$2.00 for two years. The strike price reflects a 28.21% premium to the May 25 closing share price of C$1.56.
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: | Units of one common share and a half- share warrant
|
| Amount: | C$21 million
|
| Units: | 11,052,632 (6,631,579 in first tranche)
|
| Price: | C$1.90
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$2.00
|
| Agent: | Non-brokered
|
| Pricing date: | May 26
|
| Settlement date: | June 28 (for C$12.6 million)
|
| Stock symbol: | Toronto: ICI
|
| Stock price: | C$1.60 at close May 26
|
| Market capitalization: | C$147.99 million
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
