Brokered offering funds exploration of properties in Quebec, Ontario
By Devika Patel
Knoxville, Tenn., Dec. 16 - Matamec Explorations Inc. said it completed a private placement of units through agents Industrial Alliance Securities Inc. and Versant Partners Inc. The deal priced for C$5 million with a C$750,000 greenshoe on Nov. 18 and raised the total amount with the greenshoe exercised in full.
The company sold 11.5 million in units of one common share and one half-share warrant at C$0.40 apiece and 2.3 million flow-through common shares at C$0.50 per share on a best-efforts basis.
Each whole warrant is exercisable at C$0.50 until June 16, 2012. 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$5.75 million (including C$750,000 greenshoe)
|
| Agents: | Industrial Alliance Securities Inc. and Versant Partners Inc.
|
| Pricing date: | Nov. 18
|
| Settlement date: | Dec. 16
|
| Stock symbol: | TSX Venture: MAT
|
| Stock price: | C$0.365 at close Nov. 17
|
| Market capitalization: | C$42.72 million
|
|
|
| Units
|
| Amount: | C$4.6 million
|
| Units: | 11.5 million
|
| Price: | C$0.40
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | June 16, 2012
|
| Warrant strike price: | C$0.50
|
|
|
| Shares
|
| Amount: | C$1.15 million
|
| Shares: | 2.3 million
|
| Price: | C$0.50
|
| Warrants: | No
|
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