Base metals explorer sells shares at C$15.30 each to fund exploration
By Devika Patel
Knoxville, Tenn., Feb. 2 - Virginia Mines Inc. said it plans a C$5 million private placement of stock with agent National Bank Financial Inc.
The company will sell 326,797 flow-through common shares at C$15.30 per share. The price per share is a 70% premium to C$9.00, the Feb. 1 closing share price, and also represents a 69% premium to the last 10 days' volume-weighted average trading price, the company said.
Settlement is expected Feb. 22.
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$5 million
|
| Shares: | 326,797
|
| Price: | C$15.30
|
| Warrants: | No
|
| Agent: | National Bank Financial Inc.
|
| Pricing date: | Feb. 2
|
| Settlement date: | Feb. 22
|
| Stock symbol: | Toronto: VGQ
|
| Stock price: | C$9.00 at close Feb. 1
|
| Market capitalization: | C$284.28 million
|
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