By Sheri Kasprzak
New York, July 20 - MagIndustries Corp. priced a C$25 million private placement.
The offering includes 17,857,143 shares at C$1.40 apiece.
A syndicate of agents led by Jennings Capital Inc. and including Kingsdale Capital Markets Inc. and Ambrian Partners Ltd. has a greenshoe for up to C$10 million in additional shares, exercisable for up to two days before closing.
The deal is scheduled to close Aug. 15.
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$25 million
|
| Greenshoe: | For C$10 million
|
| Shares: | 17,857,143
|
| Price: | C$1.40
|
| Warrants: | No
|
| Placement agents: | Jennings Capital Inc. (lead), Kingsdale Capital Markets Inc. and Ambrian Partners Ltd.
|
| Pricing date: | July 20
|
| Settlement date: | Aug. 15
|
| Stock symbol: | TSX Venture: MAA
|
| Stock price: | C$1.45 at close July 19
|
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