Company sells units through RBC and Haywood to advance its projects
By Devika Patel
Knoxville, Tenn., June 27 - Midway Gold Corp. priced a $15.04 million public offering of units on June 26, according to a prospectus supplement and 8-K filed Wednesday with the Securities and Exchange Commission. The offering was announced Monday and has a $2.26 million greenshoe.
The company will sell 11.75 million units of one common share and one half-share warrant at $1.28 per unit, with each whole warrant exercisable at $1.85 for 18 months. The strike price is a 33.09% premium to the June 25 closing share price of $1.39.
RBC Capital Markets and Haywood Securities (USA) Inc. are the joint bookrunning managers; RBC Dominion Securities Inc. and Haywood Securities Inc. are the co-lead underwriters, and Stifel Nicolaus Canada, Inc. is also an underwriter.
Settlement is expected July 6.
Proceeds will be used to advance the company's projects, for general and administrative costs, including property maintenance fees, and general working capital purposes.
Midway, based in White Rock, B.C., is a precious metals exploration company.
| Issuer: | Midway Gold Corp.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | $15.04 million
|
| Greenshoe: | $2,256,000
|
| Units: | 11.75 million
|
| Price: | $1.28
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | 18 months
|
| Warrant strike price: | $1.85
|
| Bookrunners: | RBC Capital Markets and Haywood Securities (USA) Inc.
|
| Announcement date: | June 25
|
| Pricing date: | June 26
|
| Settlement date: | July 6
|
| Stock symbol: | NYSE: MDW
|
| Stock price: | $1.39 at close June 25
|
| Market capitalization: | $140.37 million
|
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