By Laura Lutz
Des Moines, March 29 - Adanac Molybdenum Corp. arranged a private placement of units for C$30 million.
The company agreed to sell 15,789,474 units of one share and one half-share warrant at C$1.90 per unit. Each whole warrant will be exercisable at C$3.00 for two years.
GMP Securities LP, MGI Securities Inc., Dundee Securities Corp, Evergreen Capital Partners Inc. and Fraser Mackenzie Ltd. will act as underwriters.
The underwriters have a greenshoe for 15% of the offering size, exercisable up to 48 hours before closing.
Adanac, based in Vancouver, B.C., is a mineral exploration company focused on molybdenum.
| Issuer: | Adanac Molybdenum Corp.
|
| Issue: | Units of one share and one half-share warrant
|
| Amount: | C$30 million
|
| Units: | 15,789,474
|
| Greenshoe: | For 15%
|
| Price: | C$1.90
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$3.00
|
| Underwriters: | GMP Securities LP, MGI Securities Inc., Dundee Securities Corp., Evergreen Capital Partners Inc., Fraser Mackenzie Ltd.
|
| Pricing date: | March 29
|
| Stock symbol: | TSX Venture: AUA
|
| Stock price: | C$2.12 at close March 29
|
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