Electrum Strategic and Paulson to participate in non-brokered offering
By Devika Patel
Knoxville, Tenn., July 1 – NovaCopper Inc. said it has arranged a $7.5 million non-brokered private placement of units.
The company will sell units of one common share and one warrant at $1.15 per unit.
Each warrant will be exercisable at $1.60 for five years. The strike price represents a 46.79% premium to $1.09, the June 30 closing share price.
Investors include Electrum Strategic Resources LP and Paulson & Co. Inc.
Settlement is expected July 3.
Proceeds will be used for general and administrative expenses.
The base metals exploration company is based in Vancouver, B.C.
| Issuer: | NovaCopper Inc.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | $7.5 million
|
| Price: | $1.15
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $1.60
|
| Agent: | Non-brokered
|
| Investors: | Electrum Strategic Resources LP and Paulson & Co. Inc.
|
| Pricing date: | July 1
|
| Settlement date: | July 3
|
| Stock symbol: | NYSE: NCQ
|
| Stock price: | $1.09 at close June 30
|
| Market capitalization: | $58.99 million
|
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