By Sheri Kasprzak
New York, April 6 - Acadian Gold Corp. said it has increased the size of its previously announced private placement to C$12.7 million from C$10 million.
The company now plans to sell 20 million units at C$0.50 each and 4,153,847 flow-through shares at C$0.65 each.
The deal priced March 30 as a C$10 million offering of 18 million units and 1,538,462 flow-through shares.
The units consist of one share and one half-share warrant with each whole warrant exercisable at C$0.65 for 18 months.
The offering is being placed through a syndicate of underwriters led by Northern Securities Inc. and including Canaccord Capital Corp.
The deal is scheduled to close on April 24.
Proceeds will be used to complete the company's acquisition of ScoZinc Ltd. The rest will be used for exploration and general corporate purposes.
Acadian plans to buy the outstanding shares of ScoZinc from HudBay Minerals Inc. for C$7.5 million.
Acadian, based in Halifax, N.S., is a gold exploration company.
| Issuer: | Acadian Gold Corp.
|
| Issue: | Flow-through shares and units of one share and one half-share warrants
|
| Amount: | C$12.7 million
|
| Underwriters: | Northern Securities Inc. (lead), Canaccord Capital Corp.
|
| Pricing date: | March 30
|
| Upsized: | April 5
|
| Settlement date: | April 24
|
| Stock symbol: | TSX Venture: ADA
|
| Stock price: | C$0.57 at close March 30
|
| Stock price: | C$0.59 at close April 5
|
|
|
| Units
|
| Units: | 20 million
|
| Price: | C$0.50
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | 18 months
|
| Warrant strike price: | C$0.65
|
|
|
| Flow-through shares
|
| Shares: | 4,153,847
|
| Price: | C$0.65
|
| Warrants: | No
|
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