By Angela McDaniels
Tacoma, Wash., June 8 - Yalian Steel Corp. has entered into an agreement for a private placement of C$8.5 million common shares on a bought-deal basis with underwriter GMP Securities LP, according to a company news release.
The company will sell up to 5 million common shares for C$1.70 each.
GMP Securities will receive a 6% cash commission and broker warrants for a number of shares equal to 6% of the number of shares issued in the placement. The warrants will be exercisable for 18 months from the closing date, which is expected to be June 19.
Yalian Steel is a Vancouver, B.C.-based maker of steel pipes.
| Issuer: | Yalian Steel Corp.
|
| Issue: | Shares
|
| Amount: | C$8.5 million
|
| Shares: | 5 million
|
| Price: | C$1.70
|
| Warrants: | No
|
| Underwriter: | GMP Securities LP
|
| Pricing date: | June 8
|
| Settlement date: | June 19
|
| Stock symbol: | TSX Venture: YL
|
| Stock price: | C$1.95 at close June 5
|
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