Offering finances advancement of Dachang project, corporate purposes
By Devika Patel
Knoxville, Tenn., July 11 - Inter-Citic Minerals Inc. said it completed the second and final tranche of a C$21 million non-brokered private placement of units on July 8. The offering priced as a stock offering on May 26; the company raised C$12.6 million in the first closing and C$8.4 million in this tranche.
The company sold 11,052,632 units of one common share and a half-share warrant at C$1.90 per unit. It sold 6,631,579 units in the initial tranche and 4,421,053 units in the second 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.
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Issue: | Units of one common share and a half-share warrant
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Amount: | C$21 million
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Units: | 11,052,632
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Price: | C$1.90
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Warrants: | One half-share warrant per unit
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Warrant expiration: | Two years
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Warrant strike price: | C$2.00
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Agent: | Non-brokered
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Pricing date: | May 26
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Settlement date: | June 28 (for C$12.6 million), July 8 (for C$8.4 million)
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Stock symbol: | Toronto: ICI
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Stock price: | C$1.60 at close May 26
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Market capitalization: | C$168.22 million
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