Deal brokered by agent Canaccord Genuity and has C$3 million greenshoe
By Devika Patel
Knoxville, Tenn., March 16 - Manitou Gold Inc. said it has priced a private placement of units and stock. The C$7 million deal will be conducted by Canaccord Genuity Corp. and has a C$3 million greenshoe.
The company will sell units of one common share and one half-share warrant at C$0.55 apiece. Each whole warrant will be exercisable at C$0.70 for two years. The strike price represents a 7.69% premium to C$0.65, the closing share price on March 15.
Manitou Gold also will sell flow-through shares at C$0.55 per share. The price per share is a 15.39% discount to the March 15 closing share price.
Proceeds will be used to advance the company's Ontario projects and for general working capital purposes.
The gold exploration company is based in Sudbury, Ont.
Issuer: | Manitou Gold Inc.
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Issue: | Flow-through shares, units of one common share and one half-share warrant
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Amount: | C$7 million
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Greenshoe: | C$3 million
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Price: | C$0.55
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Agent: | Canaccord Genuity Corp.
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Pricing date: | March 16
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Stock symbol: | TSX Venture: MTU
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Stock price: | C$0.65 at close March 15
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Market capitalization: | C$17.44 million
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Units
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Warrants: | One half-share warrant per unit
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Warrant expiration: | Two years
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Warrant strike price: | C$0.70
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Flow-through shares
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Warrants: | No
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