Deal's proceeds will advance projects, fund working capital purposes
By Devika Patel
Knoxville, Tenn., Sept. 13 - Treasury Metals Inc. said it increased a private placement of units and stock to C$5 million with a C$1 million greenshoe. The deal priced for C$3 million with a C$2 million greenshoe on Wednesday and will be conducted on a bought-deal basis by a syndicate of agents led by Canaccord Genuity Corp.
The company is selling units of one common share and one half-share warrant at C$0.75 per unit. Each whole warrant is exercisable at C$1.00 for two years.
The company also is selling at least C$2 million of flow-through common shares at C$0.80 per share.
The warrant strike price and price per share reflect a 21.95% premium and 2.44% discount to the Sept. 11 closing share price of C$0.82.
Settlement is expected Sept. 21.
Proceeds will be used to advance the company's assets and for general working capital.
Toronto-based Treasury Metals is a mineral explorer.
| Issuer: | Treasury Metals Inc.
|
| Issue: | Flow-through common stock, units of one common share and one half-share warrant
|
| Amount: | C$5 million
|
| Greenshoe: | C$1 million
|
| Agents: | Canaccord Genuity Corp. (lead), Casimir Capital Ltd. and Jennings Capital Inc.
|
| Pricing date: | Sept. 12
|
| Upsized: | Sept. 13
|
| Settlement date: | Sept. 21
|
| Stock symbol: | Toronto: TML
|
| Stock price: | C$0.82 at close Sept. 11
|
| Market capitalization: | C$40.72 million
|
|
|
| Units
|
| Price: | C$0.75
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$1.00
|
|
|
| Shares
|
| Amount: | C$2 million (minimum)
|
| Price: | C$0.80
|
| Warrants: | No
|
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