Offering will finance exploration and general working capital purposes
By Devika Patel
Knoxville, Tenn., Feb. 20 - Reservoir Minerals Inc. said it will raise C$10.01 million in a brokered private placement of stock. It also will raise C$23 million in a non-brokered private placement of stock for a total of C$33.01 million.
The company will sell 5.74 million common shares at C$5.75 per share. Of the shares, 1.74 million will be sold in the brokered offering with the remaining 4 million sold on a non-brokered basis.
The price per share is a 9.73% discount to the Feb. 19 closing share price of C$6.37.
The brokered sale will be conducted on a bought-deal basis by a syndicate of underwriters led by Scotiabank and including Macquarie Capital Markets Canada Ltd., GMP Securities LP, BMO Capital Markets and Salman Partners Inc.
Settlement is expected March 20.
Proceeds will be used for exploration of the Timok licenses and general working capital purposes.
The precious and base metal explorer is based in Vancouver, B.C.
| Issuer: | Reservoir Minerals Inc.
|
| Issue: | Common shares
|
| Amount: | C$33,005,000
|
| Shares: | 5.74 million
|
| Price: | C$5.75
|
| Warrants: | No
|
| Agents: | Scotiabank (lead), Macquarie Capital Markets Canada Ltd., GMP Securities LP, BMO Capital Markets and Salman Partners Inc. (for C$10,005,000); non-brokered (for C$23 million)
|
| Pricing date: | Feb. 20
|
| Settlement date: | March 20
|
| Stock symbol: | TSX Venture: RMC
|
| Stock price: | C$6.37 at close Feb. 19
|
| Market capitalization: | C$266.42 million
|
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