Base metals explorer sells shares at C$17.50 each to fund exploration
By Toni Weeks
San Diego, Oct. 26 - Virginia Mines Inc. said it plans a C$2.5 million private placement of stock with agent Laurentian Bank Securities.
The company will sell 142,857 flow-through common shares at C$17.50 per share. The price per share is a 72.24% premium to C$10.16, the Oct. 25 closing share price, and also represents a 71% premium to the 10 days volume-weighted average trading price for the period ending Oct. 25, the company said.
Settlement is expected Nov. 16.
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$2.5 million
|
| Shares: | 142,857
|
| Price: | C$17.50
|
| Warrants: | No
|
| Agent: | Laurentian Bank Securities
|
| Pricing date: | Oct. 26
|
| Settlement date: | Nov. 16
|
| Stock symbol: | Toronto: VGQ
|
| Stock price: | C$10.16 at close Oct. 25
|
| Market capitalization: | C$287.45 million
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
