By Sheri Kasprzak
New York, Jan. 30 - Medoro Resources Ltd. has upped the price and dropped the number of shares in its C$10 million private placement.
The company now plans to sell 100 million shares at $0.10 apiece.
GMP Securities LP, the placement agent in the offering, has now been granted a greenshoe for up to 50 million additional shares.
The offering is scheduled to close Feb. 16.
The deal was priced on Jan. 25 as including up to 142,857,143 units at C$0.07 each. The units had been comprised of one share and one half-share warrant, the whole of which would have been exercisable at C$0.15 each for 18 months.
The deal did not originally include a greenshoe.
Proceeds will be used for potential acquisitions, general corporate purposes and working capital.
Toronto-based Medoro is a gold exploration and development company.
Issuer: | Medoro Resources Ltd.
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Issue: | Stock
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Amount: | C$10 million
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Units: | 100 million
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Greenshoe: | For 50 million shares
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Price: | C$0.10
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Warrants: | No
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Placement agent: | GMP Securities LP
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Pricing date: | Jan. 25
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Amended: | Jan. 30
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Settlement date: | Feb. 16
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Stock symbol: | TSX Venture: MRL
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Stock price: | C$0.25 at close Jan. 25
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Stock price: | C$0.20 at close Jan. 30
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