By Sheri Kasprzak
New York, Aug. 18 - MagIndustries Corp. settled its previously announced private placement for C$20,189,201.
The company sold 14,420,858 shares at C$1.40 each.
The deal priced on July 20 as a C$25 million offering of 17,857,143 shares.
The shares were placed through a syndicate of agents led by Jennings Capital Inc. and including Kingsdale Capital Markets Inc. and Ambrian Partners Ltd.
Proceeds will be used for ongoing development at the company's MagMinerals potash project feasibility study, for expansion of MagEnergy's participation in the Inga II Hydroelectric Facility and for general corporate purposes.
Toronto-based MagIndustries develops industrial projects in the Republic of Congo and the Democratic Republic of Congo.
| Issuer: | MagIndustries Corp.
|
| Issue: | Stock
|
| Amount: | C$20,189,201
|
| Shares: | 14,420,858
|
| Price: | C$1.40
|
| Warrants: | No
|
| Placement agents: | Jennings Capital Inc. (lead), Kingsdale Capital Markets Inc., Ambrian Partners Ltd.
|
| Pricing date: | July 20
|
| Settlement date: | Aug. 18
|
| Stock symbol: | TSX Venture: MAA
|
| Stock price: | C$1.45 at close July 19
|
| Stock price: | C$1.30 at close Aug. 18
|
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