Brokered offering funds exploration of properties in Quebec, Ontario
By Devika Patel
Knoxville, Tenn., Nov. 18 - Matamec Explorations Inc. said it arranged a private placement of units through agents Industrial Alliance Securities Inc. and Versant Partners Inc. The deal will raise C$5 million and has a C$750,000 greenshoe.
The company will sell C$2.5 million via units of one common share and one half-share warrant at C$0.40 apiece and C$2.5 million through flow-through common shares at C$0.50 per share on a best-efforts basis.
Each whole warrant is exercisable at C$0.50 for 18 months. The strike price is a 36.99% premium to the Nov. 17 closing share price of C$0.365.
Proceeds will be used for exploration on the company's properties in Quebec and Ontario and for general corporate purposes.
Matamec is a mining exploration company based in Montreal.
| Issuer: | Matamec Explorations Inc.
|
| Issue: | Units of one common share and one half-share warrant, flow-through common shares
|
| Amount: | C$5 million
|
| Greenshoe: | C$750,000
|
| Agents: | Industrial Alliance Securities Inc. and Versant Partners Inc.
|
| Pricing date: | Nov. 18
|
| Stock symbol: | TSX Venture: MAT
|
| Stock price: | C$0.365 at close Nov. 17
|
| Market capitalization: | C$36.41 million
|
|
|
| Units
|
| Amount: | C$2.5 million
|
| Price: | C$0.40
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | 18 months
|
| Warrant strike price: | C$0.50
|
|
|
| Shares
|
| Amount: | C$2.5 million
|
| Price: | C$0.50
|
| Warrants: | No
|
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