By Sheri Kasprzak
New York, Jan. 9 - Northern Energy & Mining Inc. said it has completed its previously announced unit offering for C$3,564,113, including a partially exercised over-allotment option.
The company sold a total of 2,741,626 units at C$1.30 each, including a greenshoe exercised by placement agent Quest Securities Corp. for 431,626 units.
Coal International plc bought 1,203,126 of the units.
The units are comprised of one share and one half-share warrant. The whole warrants allow for the purchase of another share at C$1.85 each for 18 months.
The deal was priced Dec. 13 as a C$3,003,000 offering of 2.31 million units under the same terms.
Proceeds will be used for exploration on the company's properties and for the development of the Trend Full mine. The remainder will be used for working capital.
Based in Vancouver, B.C., Northern Energy is an oil and natural gas exploration company.
Issuer: | Northern Energy & Mining Inc.
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Issue: | Units of one share and one half-share warrant
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Amount: | C$3,564,113
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Units: | 2,741,626 (including partially exercised greenshoe for 431,626 units)
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Price: | C$1.30
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Warrants: | One half-share warrant per unit
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Warrant expiration: | 18 months
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Warrant strike price: | C$1.85
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Placement agent: | Quest Securities Corp.
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Investor: | Coal International plc (for 1,203,126 units)
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Pricing date: | Dec. 13
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Settlement date: | Jan. 6
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Stock price: | C$1.21 at close Dec. 13
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Stock price: | C$1.48 at close Jan. 6
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