Mineral explorer sells shares at C$12.50 apiece to finance exploration
By Devika Patel
Knoxville, Tenn., Oct. 7 - Virginia Mines Inc. said it has negotiated a C$3 million private placement of stock with agent Laurentian Bank Securities Inc.
The company will sell 240,000 flow-through common shares at C$12.50 per share. The price per share represents a 65.78% premium to C$7.54, the Oct. 6 closing share price.
Settlement is expected Oct. 29.
Proceeds will be used for exploration.
Quebec City-based Virginia Mines is a mineral exploration company.
| Issuer: | Virginia Mines Inc.
|
| Issue: | Flow-through common shares
|
| Amount: | C$3 million
|
| Shares: | 240,000
|
| Price: | C$12.50
|
| Warrants: | No
|
| Agents: | Laurentian Bank Securities Inc.
|
| Pricing date: | Oct. 7
|
| Settlement date: | Oct. 29
|
| Stock symbol: | Toronto: VGQ
|
| Stock price: | C$7.54 at close Oct. 6
|
| Market capitalization: | C$223.46 million
|
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