By Laura Lutz
Des Moines, Oct. 24 - Liberty Mines Inc. completed an over-subscribed private placement for C$9,044,690.
The company sold 6,350,266 flow-through common shares at C$0.90 per share and 3,917,000 units of one non flow-through share and one half-share warrant at C$0.85 per unit.
Each warrant will be exercisable at C$1.00 for one year. The expiry of the warrants may be accelerated to 30 days if the company's shares close at or above C$1.50 for 20 consecutive trading days.
A syndicate led by Salman Partners underwrote C$8,000,115 of the offer. The remaining C$1,044,575 of the offer was non-brokered.
The placement priced on Oct. 6 as a C$1 million non-brokered offering and a C$5 million brokered offering with a C$1 million greenshoe. To accommodate response, the brokered offer was upsized to C$8 million on Oct. 13.
In connection with the financing, 284,222 flow-through shares were issued to directors of Liberty.
Proceeds from the flow-through shares will be used for exploration and development at the company's Redstone, McWatters, Hart and McAra Lake projects and surrounding areas in Ontario. Proceeds from the units will be used for construction, development and working capital.
Based in Timmins, Ont., Liberty Mines is a resource company focused on nickel, cobalt and platinum group metals projects in Ontario.
| Issuer: | Liberty Mines Inc.
|
| Issue: | Flow-through shares and units of one non flow-through share and one half-share warrant
|
| Amount: | C$9,044,690
|
| Underwriters: | Salman Partners (lead, for C$8,000,115); non-brokered (for C$1,044,575)
|
| Pricing date: | Oct. 6
|
| Amended: | Oct. 13
|
| Settlement date: | Oct. 24
|
| Stock symbol: | TSX Venture: LBE
|
| Stock price: | C$0.85 at close Oct. 6
|
| Stock price: | C$0.95 at close Oct. 13
|
| Stock price: | C$1.14 at close Oct. 23
|
|
|
| Flow-through shares
|
| Shares: | 6,350,266
|
| Price: | C$0.90
|
| Warrants: | No
|
|
|
| Units
|
| Units: | 3,917,000
|
| Price: | C$0.85
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | One year
|
| Warrant strike price: | C$1.00
|
© 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.
