By Laura Lutz
Des Moines, Aug. 15 - Vaaldiam Resources Ltd. settled a private placement of subscription receipts for C$26.325 million, down from the C$26.55 million size announced on July 19.
The company sold 29.25 million subscription receipts at C$0.90 apiece.
Each subscription receipt is exchangeable for one unit of one share and one half-share warrant. Each whole warrant will be exercisable at C$1.20 for two years.
The subscription receipts will be exchanged upon settlement of the company's planned acquisition of Elkedra Diamonds NL.
If the acquisition is not settled within 110 days of closing of the placement, 75% of the proceeds will be refunded to subscribers and the corresponding subscription receipts will be cancelled. The remaining 25% of the subscription receipts will then be exchanged.
Canaccord Capital Corp. led a syndicate of underwriters that also includes National Bank Financial Inc., Westwind Partners Inc. and Wellington West Capital Markets Inc.
The placement priced on July 19 as a C$19.35 million offering of 21.5 million subscription receipts. It was upsized to 29.5 million subscription receipts later in the day.
Proceeds will be used to advance the company's projects, including the ones it will acquire in the Elkedra acquisition.
Vaaldiam is a Toronto-based mining company.
| Issuer: | Vaaldiam Resources Ltd.
|
| Issue: | Subscription receipts exchangeable for units of one share and one half-share warrant
|
| Amount: | C$26.325 million
|
| Subscription receipts: | 29.25 million
|
| Price: | C$0.90
|
| Warrants: | One half-share warrant per unit upon exchange
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$1.20
|
| Underwriters: | Canaccord Capital Corp. (lead), National Bank Financial Inc., Westwind Partners Inc., Wellington West Capital Markets Inc.
|
| Pricing date: | July 19
|
| Upsized: | July 19
|
| Settlement date: | Aug. 15
|
| Stock symbol: | Toronto: VAA
|
| Stock price: | C$1.00 at close July 18
|
| Stock price: | C$0.92 at close July 19
|
| Stock price: | C$0.82 at close Aug. 15
|
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