Offering with Augyva Mining was originally priced at C$1.15 per unit
By Devika Patel
Knoxville, Tenn., June 27 - Niocan Inc. may revise the terms of a C$4 million private placement of units with investor Augyva Mining Resources Inc., according to a press release from the investor. The offer priced June 22, and the investor has submitted a revised proposal of the deal to the company.
The company may now sell 3,076,923 units of one common share and one half-share warrant to Augyva at C$1.30 per unit. The units originally were priced at C$1.15 each.
Each whole warrant is exercisable at C$1.35 for two years. The strike price is a 32.35% premium to the June 21 closing share price of C$1.02.
Settlement is expected June 29.
"We still sincerely believe that Augyva's revised superior financing proposal offers a significant premium than the one contemplated among Niocan and Forbes & Manhattan, Inc., as disclosed by Niocan in a press release dated May 4," Augyva's president and chief executive officer, Georges-Yvan Gagnon, said in a press release. "Augyva's revised offer, including the improved pricing, maximizes Niocan shareholder value. We are confident to be able to close the financing within a very short period of time, should Niocan accept our proposal."
Niocan is a Montreal-based niobium exploration company.
| Issuer: | Niocan Inc.
|
| Issue: | Units of one common share and a half-share warrant
|
| Amount: | C$4 million
|
| Units: | 3,076,923
|
| Price: | C$1.30
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$1.35
|
| Investor: | Augyva Mining Resources Inc.
|
| Pricing date: | June 22
|
| Revised: | June 27
|
| Settlement date: | June 29
|
| Stock symbol: | Toronto: NIO
|
| Stock price: | C$0.91 at close June 22
|
| Market capitalization: | C$24.09 million
|
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