By Laura Lutz
Washington, Feb. 2 - Linear Metals Corp. clarified that its previously announced C$8.75 million private placement of units also includes a greenshoe for up to C$1.75 million.
The underwriters, a syndicate led by Sprott Securities Inc. and including Orion Securities Inc., Haywood Securities Inc. and Canaccord Adams, have a greenshoe for up to 1 million additional units, according to the company's Friday announcement.
The deal priced on Thursday. Settlement is expected on Feb. 22.
The company still plans to sell 5 million units of one share and one half-share warrant at C$1.75 per unit. Each whole warrant will be exercisable at C$1.75 for two years.
Proceeds will be used for exploration at the company's Cobre Grande project and for general corporate purposes.
Linear Metals is a Halifax, N.S.-based resource exploration company.
| Issuer: | Linear Metals Corp.
|
| Issue: | Units of one share and one half-share warrant
|
| Amount: | C$8.75 million
|
| Units: | 5 million
|
| Greenshoe: | For 1 million units
|
| Price: | C$1.75
|
| Warrants: | One half-share warrant
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$1.75
|
| Underwriters: | Sprott Securities Inc. (lead), Orion Securities Inc., Haywood Securities Inc., Canaccord Adams
|
| Pricing date: | Feb. 1
|
| Settlement date: | Feb. 22
|
| Stock symbol: | TSX Venture: LRM
|
| Stock price: | C$1.90 at close Feb. 1
|
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