By Devika Patel
Knoxville, Tenn., April 26 - Virginia Mines Inc. said it plans a C$2.5 million private placement of stock.
The company will sell 200,000 flow-through common shares at C$12.50 per share via agents Industrial Alliance Securities Inc., Laurentian Bank Securities and Casimir Capital LP. The price represents an approximate 68% premium to the 10 day volume-weighted average trading price of the shares for the period preceding the signing of the engagement letter.
Settlement is expected May 14.
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$2.5 million
|
| Shares: | 200,000
|
| Price: | C$12.50
|
| Warrants: | No
|
| Agents: | Industrial Alliance Securities Inc., Laurentian Bank Securities and Casimir Capital LP
|
| Pricing date: | April 26
|
| Settlement date: | May 14
|
| Stock symbol: | Toronto: VGQ
|
| Stock price: | C$7.40 at close April 23
|
| Market capitalization: | C$230 million
|
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