By Devika Patel
Knoxville, Tenn., July 13 - Miramar Mining Corp. announced that it has entered into an agreement with a syndicate of underwriters, led by Dundee Securities Corp., in which the underwriters have agreed to privately place 2.31 million flow-through shares at C$6.50 per share for a total of C$15,015,000.
The underwriters will have a greenshoe option of an additional 770,000 shares or C$5 million.
All securities issued will have a four month hold period.
The underwriters will be paid a cash commission equal to 4% of the gross proceeds raised.
The deal is set to close by Aug. 7.
Miramar, a North Vancouver, B.C.-based gold mining company, will use the proceeds to expand exploration initiatives.
| Issuer: | Miramar Mining Corp.
|
| Issue: | Flow-through shares
|
| Amount: | C$15,015,000
|
| Shares: | 2.31 million
|
| Greenshoe: | Up to C$5 million
|
| Price: | C$6.50
|
| Warrants: | No
|
| Underwriter: | Dundee Securities Corp. (lead)
|
| Announcement date: | July 13
|
| Settlement date: | Aug. 7
|
| Stock symbol: | TSX: MAE
|
| Stock price: | C$5.10 at close July 12
|
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