Deal sells 16,667,000 common shares at C$0.60 on a bought-deal basis
By Devika Patel
Knoxville, Tenn., May 21 - Trevali Mining Corp. said it has arranged a C$10 million brokered private placement of stock. There is a C$1.5 million greenshoe.
The company will sell 16,667,000 common shares at C$0.60 each on a bought-deal basis. The price per share is a 6.25% discount to C$0.64, the May 20 closing share price.
Settlement is expected June 12.
The deal will be conducted by underwriter Dundee Securities Ltd.
Proceeds will be used to advance the company's Santander Project in Peru and New Brunswick Projects and for general corporate purposes, including working capital.
"As Trevali completes the final stages of construction at its Santander Mine, it is vital the company ensures a sufficient working capital position is maintained through the ongoing commissioning and upcoming production ramp-up phases," president and chief executive officer Mark Cruise said in a press release. "Due to the unforeseen Santander plant construction delays encountered earlier this year, this necessary financing will provide working capital for the operation as it transitions to full-production during this summer. The company anticipates initial production from the plant to commence over the next few weeks."
Trevali is a Vancouver, B.C.-based copper, zinc, lead and silver exploration company.
| Issuer: | Trevali Mining Corp.
|
| Issue: | Common stock
|
| Amount: | C$10,000,200
|
| Greenshoe: | C$1.5 million
|
| Shares: | 16,667,000
|
| Price: | C$0.60
|
| Warrants: | No
|
| Underwriters: | Dundee Securities Ltd.
|
| Pricing date: | May 21
|
| Settlement date: | June 12
|
| Stock symbol: | Toronto: TV
|
| Stock price: | C$0.64 at close May 20
|
| Market capitalization: | C$130.91 million
|
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