By Sheri Kasprzak
Atlanta, March 14 - Royal Standard Minerals Inc. said it has granted an over-allotment option to placement agent Canaccord Capital Corp. to bring its previously announced C$2.45 million private placement up to a possible C$3.5 million.
The company will sell 7 million units at C$0.35 each. The units are comprised of one share and one half-share warrant.
The full warrants allow for an additional share at C$0.50 each for two years.
Canaccord has the option to sell an additional 3 million units under the same terms.
The company has also added a non-brokered portion to the offering for up to 2 million units under the same terms as the brokered portion. If fully subscribed, the non-brokered portion of the deal will bring in additional C$700,000 in proceeds.
Based in Sparks, Nev., Royal Standard is a gold exploration and development company. It plans to use the proceeds for a surface-drilling program in Nye County, Nev.
Issuer: | Royal Standard Minerals Inc.
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Issue: | Units of one share and one half-share warrant
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Amount: | C$2.45 million
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Units: | 7 million
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Greenshoe: | Up to 3 million units
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Price: | C$0.35
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Warrants: | One half-share warrant per unit
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Warrant expiration: | Two years
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Warrant strike price: | C$0.50
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Placement agent: | Canaccord Capital Corp.
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Pricing date: | March 11
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Amended: | March 14
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Stock price: | C$0.345 at close March 11
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Stock price: | C$0.37 at close March 14
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Issuer: | Royal Standard Minerals Inc.
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Issue: | Units of one share and one half-share warrant
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Amount: | C$700,000 (maximum)
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Units: | 2 million (maximum)
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Price: | C$0.35
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Warrants: | One half-share warrant per unit
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Warrant expiration: | Two years
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Warrant strike price: | C$0.50
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Pricing date: | March 14
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Stock price: | C$0.37 at close March 14
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