By Sheri Kasprzak
Atlanta, April 11 - Mercator Minerals Ltd. said it has increased the size of the greenshoe attached to its previously announced C$10 million private placement of units.
The C$10 million private placement is comprised of 13,333,333 units at C$0.75 each. In addition, placement agents Jennings Capital Inc. and Acumen Capital Finance Partners Ltd. will now have an over-allotment option to sell up to 6,666,667 units at C$0.75 each.
The units include one share and one half-share warrant. The whole warrants allow for an additional share at C$1.00 each for 18 months.
The expiry of the warrants may be accelerated to 20 days if Mercator's stock closes higher than C$1.50 for 20 consecutive trading days.
The deal is expected to close April 18
Based in Vancouver, B.C., Mercator is a copper mining company. It plans to use the proceeds from the deal for debt repayment, a feasibility study for the development of a milling operation and for working capital.
| Issuer: | Mercator Minerals Ltd.
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| Issue: | Units of one share and one half-share warrant
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| Amount: | C$10 million
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| Units: | 13,333,333
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| Greenshoe: | For up to 6,666,667 units
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| Price: | C$0.75
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| Warrants: | One half-share warrant per unit
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| Warrant expiration: | 18 months
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| Warrant strike price: | C$1.00
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| Placement agents: | Jennings Capital Inc. (lead); Acumen Capital Finance Partners Ltd.
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| Pricing date: | March 21
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| Greenshoe upsized: | April 11
|
| Settlement date: | April 18
|
| Stock price: | C$0.82 at close March 21
|
| Stock price: | C$0.80 at close April 8
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