Company will now offer 9,521,867 common shares at C$0.45 per share
By Devika Patel
Knoxville, Tenn., Nov. 13 - Nordex Explosives Ltd. said it increased a non-brokered private placement of stock to C$4.28 million on Monday. The oversubscribed deal priced for C$2 million on Oct. 30.
The company will now sell 9,521,867 common shares at C$0.45 each. The price per share reflects a 16.67% discount to the Oct. 29 closing share price of C$0.54.
Proceeds will be used to invest in the company's distribution system and for additional working capital.
The Mississauga, Ont., company makes and distributes explosives for the mining, quarry and construction industries.
| Issuer: | Nordex Explosives Ltd.
|
| Issue: | Common shares
|
| Amount: | C$4,284,840
|
| Shares: | 9,521,867
|
| Price: | C$0.45
|
| Warrants: | No
|
| Agent: | Non-brokered
|
| Pricing date: | Oct. 30
|
| Upsized: | Nov. 12
|
| Stock symbol: | TSX Venture: NXX
|
| Stock price: | C$0.54 at close Oct. 29
|
| Market capitalization: | C$6.49 million
|
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