Brokered, non-brokered offerings finance exploration, debt reduction
By Devika Patel
Knoxville, Tenn., Dec. 12 - Yoho Resources Inc. said it will conduct a C$5 million brokered and non-brokered private placement of stock. The deal priced for C$4 million Monday and was increased to a C$2.5 million non-brokered placement of the shares and a C$2.5 million brokered offering of stock a few hours later.
The company will sell flow-through common shares at C$4.00 per share on a best-efforts basis. The price per share reflects a 17.65% premium to the Dec. 9 closing share price of C$3.40.
Yoho will sell 625,000 shares in the brokered sale and 625,000 shares in the non-brokered offering.
Settlement is expected Dec. 30.
Proceeds will be used to reduce Yoho's bank debt and accelerate the company's exploration and development program.
The brokered portion of the deal is being conducted through a syndicate of underwriters led by FirstEnergy Capital Corp. and including Acumen Capital Finance Partners Ltd., Haywood Securities Inc., Paradigm Capital Inc., Peters & Co. Ltd. and CIBC World Markets Inc.
The company also said it plans a C$15 million bought deal short-form prospectus sale of shares through the same underwriters.
Yoho is a Calgary, Alta.-based junior oil and natural gas company with operations focusing on the northwest Peace River Arch of Alberta and northeast British Columbia.
| Issuer: | Yoho Resources Inc.
|
| Issue: | Flow-through common shares
|
| Amount: | C$5 million
|
| Shares: | 1.25 million
|
| Price: | C$4.00
|
| Warrants: | No
|
| Agents: | FirstEnergy Capital Corp. (lead), Acumen Capital Finance Partners Ltd., Haywood Securities Inc., Paradigm Capital Inc., Peters & Co. Ltd. and CIBC World Markets Inc. (for C$2.5 million), non-brokered (for C$2.5 million)
|
| Pricing date: | Dec. 12
|
| Upsized: | Dec. 12
|
| Settlement date: | Dec. 30
|
| Stock symbol: | TSX Venture: YO
|
| Stock price: | C$3.40 at close Dec. 9
|
| Market capitalization: | C$129.8 million
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
