Offering will finance exploration and general working capital purposes
By Toni Weeks
San Luis Obispo, Calif., March 20 - Reservoir Minerals Inc. said it raised C$33.01 million in a private placement of stock. The company took in C$10.01 million in a brokered private placement and C$23 million in a non-brokered deal.
The company sold 5.74 million common shares at C$5.75 per share. Of the shares, 1.74 million were sold in the brokered offering with the remaining 4 million sold on a non-brokered basis.
Yanggu Xiangguang Copper Co., Ltd. purchased C$10 million of shares in the non-brokered deal.
The price per share is a 9.73% discount to the Feb. 19 closing share price of C$6.37.
The brokered sale was 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.
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$33,005,006
|
| Shares: | 5,740,001
|
| 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$23,000,006)
|
| Investor: | Yanggu Xiangguang Copper Co., Ltd. (for C$10 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
|
© 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.
