Laurentian Bank sells shares at C$19.50 each to fund exploration work
By Devika Patel
Knoxville, Tenn., Feb. 11 - Virginia Mines Inc. said it amended a private placement of stock to raise C$6.89 million. Laurentian Bank Securities Inc. is the agent for the deal, which priced for C$7 million on Jan. 28.
The company will now sell 353,334 flow-through common shares at C$19.50 each. The price per share is a 42.96% premium to the Jan. 27 closing share price of C$13.64.
The company originally planned to sell 333,334 flow-through common shares at C$21.00 each, which was a 53.96% premium to the Jan. 27 closing share price of C$13.64 and also was 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 at pricing.
Settlement is expected on March 4.
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$6,890,013
|
| Shares: | 353,334
|
| Price: | C$19.50
|
| Warrants: | No
|
| Agent: | Laurentian Bank Securities Inc.
|
| Pricing date: | Jan. 28
|
| Amended: | Feb. 11
|
| Settlement date: | March 4
|
| Stock symbol: | Toronto: VGQ
|
| Stock price: | C$13.64 at close Jan. 27
|
| Market capitalization: | C$454.76 million
|
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