By Sheri Kasprzak
New York, March 23 - Inter-Citic Minerals Inc. said it has finished its previously announced private placement for C$11,056,477.
The company issued 12,284,975 special warrants at C$0.90 apiece, including a greenshoe for 1,173,775 special warrants exercised by a syndicate of agents led by Salman Partners Inc.
The syndicate also included Pacific International Securities Inc. and Wellington West Capital Markets Inc.
Each special warrant is exchangeable on a one-for-one basis for units of one share and one half-share warrant once the company files a short-form prospectus covering the underlying shares.
The whole warrants are exercisable at C$1.20 each for two years.
If the company does not file a prospectus by April 30, the investors will receive 1.1 units per special warrant.
The deal priced Jan. 25 as a C$10,000,080 offering of 11,111,200 special warrants. The syndicate was originally granted a greenshoe for up to 2,777,800 additional special warrants.
Proceeds will be used for exploration on the company's Dachang gold property in China. The remainder will be used for working capital.
Inter-Citic, based in Toronto, is a mineral exploration company focused on properties in China.
| Issuer: | Inter-Citic Minerals Inc.
|
| Issue: | Special warrants exchangeable for units of one share and one half-share warrant
|
| Amount: | C$11,056,477
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| Special warrants: | 12,284,975 (includes greenshoe for 1,173,775 special warrants)
|
| Price: | C$0.90
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
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| Warrant strike price: | C$1.20
|
| Underwriters: | Salman Partners Inc. (lead), Pacific International Securities Inc., Wellington West Capital Markets Inc.
|
| Pricing date: | Jan. 25
|
| Settlement date: | March 22
|
| Stock symbol: | TSX Venture: ICI
|
| Stock price: | C$0.95 at close Jan. 25
|
| Stock price: | C$0.93 at close March 22
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