Laurentian Bank sells shares at C$21.00 each to fund exploration work
By Devika Patel
Knoxville, Tenn., Jan. 28 - Virginia Mines Inc. said it will conduct a C$7 million private placement of stock. Laurentian Bank Securities Inc. is the agent.
The company will sell 333,334 flow-through common shares at C$21.00 each. The price per share is a 53.96% premium to the Jan. 27 closing share price of C$13.64 and also is a 70% premium to the 20-day volume weighted average trading price of the shares for the period ending on Jan. 23, the company said in a press release.
Settlement is expected Feb. 10.
Proceeds will be used for exploration work.
Quebec City-based Virginia Mines is a gold and base metals exploration company.
| Issuer: | Virginia Mines Inc.
|
| Issue: | Flow-through common shares
|
| Amount: | C$7 million
|
| Shares: | 333,334
|
| Price: | C$21.00
|
| Warrants: | No
|
| Agent: | Laurentian Bank Securities Inc.
|
| Pricing date: | Jan. 28
|
| Settlement date: | Feb. 10
|
| Stock symbol: | Toronto: VGQ
|
| Stock price: | C$13.64 at close Jan. 27
|
| Market capitalization: | C$457.08 million
|
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