By Devika Patel
Knoxville, Tenn., Feb. 13 - Romarco Minerals Inc. said it has increased a private placement of units to C$24.32 million. The deal priced Thursday for C$20.52 million.
The company now plans to sell 64 million units of one common share and one half-share warrant at C$0.38 apiece on a bought-deal basis. Each whole warrant will be exercisable at C$0.60 for two years.
The deal will be conducted by a syndicate of underwriters led by Macquarie Capital Markets Canada Ltd. and including Paradigm Capital Inc. and GMP Securities LP. The underwriters have a greenshoe for an additional C$3.08 million, or 8.1 million units.
Settlement is expected March 3.
Proceeds will be used for exploration and development of the Haile Gold Mine and general corporate and working capital purposes.
Vancouver, B.C.-based Romarco is a mineral exploration company.
| Issuer: | Romarco Minerals Inc.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | C$24.32 million
|
| Greenshoe: | C$3,078,000, or 8.1 million units
|
| Units: | 64 million
|
| Price: | C$0.38
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.60
|
| Agents: | Macquarie Capital Markets Canada Ltd. (lead), Paradigm Capital Inc. and GMP Securities LP
|
| Pricing date: | Feb. 12
|
| Upsized: | Feb. 13
|
| Settlement date: | March 3
|
| Stock symbol: | TSX Venture: R
|
| Stock price: | C$0.39 at close Feb. 11
|
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