Base metals explorer sells shares at C$15.50 each to fund exploration
By Devika Patel
Knoxville, Tenn., May 8 - Virginia Mines Inc. said it plans a C$2.95 million private placement of stock with agent National Bank Financial Inc.
The company will sell 190,000 flow-through common shares at C$15.50 per share on a bought-deal basis. The price per share is a 70.33% premium to C$9.10, the May 7 closing share price, and also represents a 68% premium to the last 10 days volume weighted average trading price, the company said.
Settlement is expected May 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$2,945,000
|
| Shares: | 190,000
|
| Price: | C$15.50
|
| Warrants: | No
|
| Agent: | National Bank Financial Inc.
|
| Pricing date: | May 8
|
| Settlement date: | May 30
|
| Stock symbol: | Toronto: VGQ
|
| Stock price: | C$9.10 at close May 7
|
| Market capitalization: | C$287.45 million
|
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