Mineral explorer sells shares at C$12.50 apiece to finance exploration
By Devika Patel
Knoxville, Tenn., Feb. 7 - Virginia Mines Inc. said it has negotiated a private placement of stock with agent Casimir Capital Ltd. The deal will raise C$2.5 million.
The company will sell 200,000 flow-through common shares at C$12.50 per share. The price per share represents a 76.31% premium to C$7.09, the Feb. 4 closing share price.
Settlement is expected Feb. 25.
Proceeds will be used for exploration.
Quebec City-based Virginia Mines is a gold and base metal 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: | Casimir Capital Ltd
|
| Pricing date: | Feb. 7
|
| Settlement date: | Feb. 25
|
| Stock symbol: | Toronto: VGQ
|
| Stock price: | C$7.09 at close Feb. 4
|
| Market capitalization: | C$219.92 million
|
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