By Laura Lutz
Des Moines, April 18 - Adanac Molybdenum Corp. settled its previously announced private placement of units for C$40,644,538, including a greenshoe for C$4.5 million.
In total, the company sold 21,391,862 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.
Of the units, 18,157,895 were sold as part of the original placement, including the fully exercised greenshoe. The remaining 3,233,967 units were sold to U.S. investors who were subscribers in a 2006 private placement by Adanac that granted them the right to participate in future placements.
GMP Securities LP, MGI Securities Inc., Dundee Securities Corp, Evergreen Capital Partners Inc. and Fraser Mackenzie Ltd. were the underwriters.
The deal priced on March 29 as a C$30 million offering with a greenshoe for up to C$4.5 million. On March 30, the company announced a C$7.5 million add-on to account for the units that would be sold to the U.S. investors.
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$40,644,538
|
| Units: | 21,391,862 (includes greenshoe for 2,368,421 units)
|
| 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
|
| Amended: | March 30
|
| Settlement date: | April 18
|
| Stock symbol: | TSX Venture: AUA
|
| Stock price: | C$2.12 at close March 29
|
| Stock price: | C$2.32 at close March 30
|
| Stock price: | C$2.30 at close April 17
|
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