By Sheri Kasprzak
New York, Dec. 15 - MagIndustries Corp. said it has completed its previously announced private placement with a fully exercised greenshoe, bringing in $25 million in proceeds.
The company sold a total of 33,333,333 shares at $0.75 each, including a greenshoe for 6,666,666 shares exercised by placement agents Jennings Capital Inc. and Kingsdale Capital markets Inc.
The deal was announced Nov. 18 as a $20 million offering of up to 26,666,667 shares under the same terms.
Proceeds will be used for engineering studies and the implementation of rehabilitation and refurbishment programs at the company's Inga II hydroelectric station on the Congo River.
Toronto-based MagIndustries develops industrial projects in the Republic of Congo and the Democratic Republic of Congo.
| Issuer: | MagIndustries Corp.
|
| Issue: | Stock
|
| Amount: | $25 million
|
| Shares: | 33,333,333 (includes greenshoe for 6,666,666 shares)
|
| Price: | $0.75
|
| Warrants: | No
|
| Placement agents: | Jennings Capital Inc. and Kingsdale Capital Markets Inc.
|
| Pricing date: | Nov. 18
|
| Settlement date: | Dec. 15
|
| Stock price: | $0.80 at close Nov. 17
|
| Stock price: | $0.82 at close Dec. 12 (last trade)
|
|
|
© 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.
