Red Back Mining plans C$350 million private placement of units

By Sheri Kasprzak

New York, April 20 - Red Back Mining Inc. plans to raise up to C$350 million in a private placement of units.

The deal includes units of two-tenths of a special warrant and eight-tenths of a subscription receipt. The pricing of the units will be determined based upon the market.

The whole special warrants entitle the holders to one common share any time before the expiration date, and the whole receipts entitle the investors to one share once the company completes its acquisition of the Tasiast gold project from Lundin Mining Corp.

The offering is being placed through a syndicate of agents led by GMP Securities LP and Cormark Securities Inc. and including Scotia Capital Inc., Haywood Securities Inc., Dundee Securities Corp. and Paradigm Capital Inc.

Proceeds will be used for the acquisition and for general corporate purposes.

Vancouver, B.C.-based Red Back is a gold exploration company.

The stock gained 4 cents to end at C$5.64 Friday (Toronto: RBI).

© 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.