Company raises funds for exploration, development of Chester Property
By Devika Patel
Knoxville, Tenn., Dec. 7 - Trelawney Mining and Exploration Inc. said it completed a private placement of stock. The deal was announced as a C$50 million offering on Nov. 17, but was increased and revised to raise C$57.01 million on Nov. 18. The company took in C$57.13 million.
The company sold 6.44 million flow-through common shares at C$2.50 apiece for C$16.1 million.
The company also sold 18,652,000 common shares at C$2.20 apiece for C$41.03 million.
The prices per share represent 2.72% and 14.4% discounts to C$2.57, the Nov. 17 closing share price.
The deal was conducted by a syndicate of underwriters led by RBC Capital Markets and Jennings Capital Inc.
Proceeds will be used for exploration and development of the Chester Property and for general working capital purposes.
The gold exploration company is based in Toronto.
| Issuer: | Trelawney Mining and Exploration Inc.
|
| Issue: | Flow-through common shares, common shares
|
| Amount: | C$57,134,400
|
| Warrants: | No
|
| Agent: | RBC Capital Markets and Jennings Capital Inc. (leads)
|
| Announcement date: | Nov. 17
|
| Upsized: | Nov. 18
|
| Pricing date: | Nov. 18
|
| Settlement date: | Dec. 7
|
| Stock symbol: | TSX Venture: TRR
|
| Stock price: | C$2.64 at close Nov. 18
|
| Market capitalization: | C$268.42 million
|
|
|
| Flow-through shares
|
| Amount: | C$16.1 million
|
| Shares: | 6.44 million
|
| Price: | C$2.50
|
|
|
| Common shares
|
| Amount: | C$41,034,400
|
| Shares: | 18,652,000
|
| Price: | C$2.20
|
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