Deal offers two types of units to fund exploration, corporate purposes
By Devika Patel
Knoxville, Tenn., Sept. 26 - Northquest Ltd. said it plans a C$5 million private placement of units. The company will sell at least C$1.5 million of units of one common share and one half-share warrant at C$0.65 per unit and flow-through units of one flow-through common share and one half-share warrant at C$0.75 per flow-through unit.
Each whole, 18-month unit warrant will be exercisable at C$0.80. The whole, 18-month flow-through unit warrants will each be exercisable at C$1.00. The strike prices are 19.4% and 49.25% premiums, respectively, to the Sept. 25 closing share price of C$0.67.
Clarus Securities Inc. and PowerOne Capital Markets Ltd. are the co-lead agents of a syndicate, which includes Fraser Mackenzie Ltd. and Toll Cross Securities Inc.
Settlement is expected on Oct. 18.
Proceeds will be used for exploration and general corporate purposes.
Northquest is a Toronto-based gold exploration company.
| Issuer: | Northquest Ltd.
|
| Issue: | Units of one common share and one half-share warrant, flow-through units of one flow-through common share and one half-share warrant
|
| Amount: | C$5 million
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | 18 months
|
| Agent: | Clarus Securities Inc. and PowerOne Capital Markets Ltd. (co-leads), Fraser Mackenzie Ltd. and Toll Cross Securities Inc
|
| Pricing date: | Sept. 26
|
| Settlement date: | Oct. 18
|
| Stock symbol: | TSX Venture: NQ
|
| Stock price: | C$0.67 at close Sept. 25
|
| Market capitalization: | C$22.81 million
|
|
|
| Units
|
| Amount: | C$1.5 million (minimum)
|
| Price: | C$0.65
|
| Warrant strike price: | C$0.50
|
|
|
| Flow-through units
|
| Price: | C$0.75
|
| Warrant strike price: | C$0.50
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
