Proceeds finance insurance company, real estate purchases, investments
By Devika Patel
Knoxville, Tenn., March 21 - Mongolia Growth Group Ltd. said it has arranged a non-brokered private placement of stock. The deal will raise C$10 million and has a C$5 million greenshoe.
The company will sell common shares at C$1.32 apiece, a 37.14% discount to the March 18 closing share price of C$2.10.
Chairman and chief executive officer Harris Kupperman has indicated he will subscribe for C$1.32 million and chief operating officer and interim chief financial officer Jordan Calonego has indicated he will buy C$132,000 of shares.
Settlement is expected on April 8.
Proceeds will be used to fund the recently announced insurance company, to purchase leasable real estate, to take advantage of investment opportunities and for general corporate purposes.
The Calgary, Alta., company operates a real estate businesses in Mongolia.
| Issuer: | Mongolia Growth Group Ltd.
|
| Issue: | Common shares
|
| Amount: | C$10 million
|
| Greenshoe: | C$5 million
|
| Price: | C$1.32
|
| Warrants: | No
|
| Agent: | Non-brokered
|
| Investors: | Harris Kupperman (for C$1.32 million), Jordan Calonego (for C$132,000)
|
| Pricing date: | March 21
|
| Settlement date: | April 8
|
| Stock symbol: | CNSX: YAK
|
| Stock price: | C$2.10 at close March 18
|
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