Laurentian Bank sells shares at C$24.00 each to fund exploration work
By Devika Patel
Knoxville, Tenn., March 7 - Virginia Mines Inc. said it completed an C$8.48 million private placement of stock. Laurentian Bank Securities Inc. was the agent for the deal, which priced for C$7 million on Jan. 28 and was decreased to C$6.89 million on Feb. 10.
The company sold 353,334 flow-through common shares at C$24.00 each. The price per share is a 75.9% premium to the Jan. 27 closing share price of C$13.64.
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$8,480,016
|
| Shares: | 353,334
|
| Price: | C$24.00
|
| Warrants: | No
|
| Agent: | Laurentian Bank Securities Inc.
|
| Pricing date: | Jan. 28
|
| Amended: | Feb. 10
|
| Settlement date: | March 7
|
| Stock symbol: | Toronto: VGQ
|
| Stock price: | C$13.64 at close Jan. 27
|
| Market capitalization: | C$437.07 million
|
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