Dundee Securities assists in raising funds for property development
By Devika Patel
Knoxville, Tenn., June 8 - Zincore Metals Inc. said that due to adverse market conditions following the recent presidential election in Peru it has amended the terms of a private placement of units that priced for C$8 million on May 24. The deal is being conducted by agent Dundee Securities Ltd. and will now raise up to C$6.4 million on a best-efforts basis.
The company will now sell units of one common share and one half-share warrant at C$0.28 per unit. The units were previously priced at C$0.35.
Each whole warrant will be exercisable at C$0.40, decreased from C$0.50, for three years. The strike price is identical to the May 23 closing share price of C$0.40. The warrants were previously to expire in two years.
Settlement is expected June 15.
Proceeds will be used to develop Zincore's mineral properties in Peru and for general corporate purposes.
"The result of the recent presidential election in Peru has created significant short-term volatility in the market," chief executive officer and president Jorge Benavides said in a press release. "For this reason, it has become necessary for us to amend the terms of our proposed financing. The fact that we are still raising these funds to carry out our programs in Peru is a testament to our belief that Peru will remain a good place to do business."
The zinc, base and precious metals mineral exploration and development company is based in Vancouver, B.C.
| Issuer: | Zincore Metals Inc.
|
| Issue: | Units of one common share and a half-share warrant
|
| Amount: | C$6.4 million
|
| Price: | C$0.28
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Three years
|
| Warrant strike price: | C$0.40
|
| Agents: | Dundee Securities Ltd.
|
| Pricing date: | May 24
|
| Amended: | June 8
|
| Settlement date: | June 15
|
| Stock symbol: | Toronto: ZNC
|
| Stock price: | C$0.40 at close May 24
|
| Market capitalization: | C$48.08 million
|
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