Base metals explorer sells shares at C$15.00 each to fund exploration
By Devika Patel
Knoxville, Tenn., Sept. 9 - Virginia Mines Inc. said it plans a C$3 million private placement of stock with agent Oberon Capital Corp.
The company will sell 200,000 flow-through common shares at C$15.00 per share on a bought-deal basis. The price per share is a 66.67% premium to C$9.00, the Sept. 8 closing share price, and also represents a 67% premium to the last 10-day volume-weighted average trading price, the company said.
Settlement is expected Sept. 30.
Proceeds will be used for exploration.
Quebec City-based Virginia Mines is a gold and base metals exploration company.
| Issuer: | Virginia Mines Inc.
|
| Issue: | Flow-through common shares
|
| Amount: | C$3 million
|
| Shares: | 200,000
|
| Price: | C$15.00
|
| Warrants: | No
|
| Agents: | Oberon Capital Corp.
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| Pricing date: | Sept. 9
|
| Settlement date: | Sept. 30
|
| Stock symbol: | Toronto: VGQ
|
| Stock price: | C$9.00 at close Sept. 8
|
| Market capitalization: | C$276.7 million
|
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