By Devika Patel
Knoxville, Tenn., Feb. 19 - Migao Corp. said it has arranged a private placement of shares with a syndicate of underwriters to raise C$25 million.
The company will sell 3,125,000 common shares at C$8.00 each on a bought-deal basis.
The syndicate will be co-led by CIBC World Markets Inc. and Canaccord Capital Inc. The underwriters will have a greenshoe for an additional 15%.
Proceeds will be used to add an additional 60,000 tons of potassium sulphate production at the company's Guangdong Migao facility.
Toronto-based Migao is a potash fertilizer producer.
| Issuer: | Migao Corp.
|
| Issue: | Common shares
|
| Amount: | C$25 million
|
| Greenshoe: | 15%
|
| Shares: | 3,125,000
|
| Price: | C$8.00
|
| Warrants: | No
|
| Underwriters: | CIBC World Markets Inc., Canaccord Capital Inc. (co-leads)
|
| Pricing date: | Feb. 19
|
| Stock symbol: | Toronto: MGO
|
| Stock price: | C$8.43 at close Feb. 15
|
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