By Sheri Kasprzak
New York, Nov. 6 - Adanac Molybdenum Corp. negotiated two private placements - each for C$12 million.
In the first deal, the company plans to sell 11,765,000 units at C$1.02 each.
The units include one share and one warrant. The warrants are exercisable at C$1.50 for the first year, at C$1.75 each in the second year, at C$2.00 each in the third year and at C$2.25 for the fourth year.
Olympus Securities, LLC is the placement agent for the deal.
The company also plans to sell up to 11,765,000 units in a second offering, also at C$1.02 each.
The units have the same terms as the first offering, except that D&D Securities Co. is the placement agent for the second deal.
Adanac, based in Vancouver, B.C., is a mineral exploration company focused on molybdenum.
First issue
| Issuer: | Adanac Molybdenum Corp.
|
| Issue: | Units of one share and one warrant
|
| Amount: | C$12 million
|
| Units: | 11,765,000
|
| Price: | C$1.02
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Four years
|
| Warrant strike price: | C$1.50 for the first year, C$1.75 for the second year, C$2.00 for the third year, C$2.25 for the fourth year
|
| Placement agent: | Olympus Securities, LLC
|
| Pricing date: | Nov. 6
|
| Stock symbol: | TSX Venture: AUA
|
| Stock price: | C$1.25 at close Nov. 6
|
|
|
| Second issue
|
| Issuer: | Adanac Molybdenum Corp.
|
| Issue: | Units of one share and one warrant
|
| Amount: | C$12 million
|
| Units: | 11,765,000
|
| Price: | C$1.02
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Four years
|
| Warrant strike price: | C$1.50 for the first year, C$1.75 for the second year, C$2.00 for the third year, C$2.25 for the fourth year
|
| Placement agent: | D&D Securities Co.
|
| Pricing date: | Nov. 6
|
| Stock symbol: | TSX Venture: AUA
|
| Stock price: | C$1.25 at close Nov. 6
|
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