By Devika Patel
Knoxville, Tenn., Oct. 25 - Marathon PGM Corp. said it has entered into an agreement with Octagon Capital Corp. for a private placement of shares to raise C$6 million.
The company will sell 1 million flow-through shares at C$6.00 apiece.
Octagon has a greenshoe for C$500,000, or 83,333 shares.
Closing is expected Nov. 15.
Octagon will be paid a 5% commission and also receive broker warrants to acquire a number of common shares equal to 7% of the shares sold. The broker warrants will be exercisable for two years at Thursday's closing stock price on the Toronto Stock Exchange.
Proceeds will be used for exploration.
Based in Toronto, Marathon PGM acquires, explores and develops natural resource properties.
| Issuer: | Marathon PGM Corp.
|
| Issue: | Flow-through common shares
|
| Amount: | C$6 million
|
| Shares: | 1 million
|
| Greenshoe: | C$500,000, or 83,333 shares
|
| Price: | C$6.00
|
| Warrants: | No
|
| Agent: | Octagon Capital Corp.
|
| Fees: | 5% commission, 5% in broker warrants
|
| Pricing date: | Oct. 25
|
| Settlement date: | Nov. 15
|
| Stock symbol: | Toronto: MAR
|
| Stock price: | C$4.68 at close Oct. 24
|
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