Offering conducted by a syndicate of agents led by Beacon Securities
By Devika Patel
Knoxville, Tenn., June 15 – Toachi Mining Inc. said it settled a C$3.43 million private placement of units. The deal priced for C$2 million on May 17 and was increased to C$3 million with a C$500,000 greenshoe on May 20.
The company sold 17.15 million units of one common share and one half-share warrant at C$0.20 per unit on a commercially-reasonable best efforts agency basis. The whole warrants are each exercisable at C$0.30 until June 15, 2018. The strike price is a 20% premium to the May 16 closing share price of C$0.25.
Of the units, 2.15 million were part of the greenshoe.
The deal was conducted by a syndicate of agents led by Beacon Securities Ltd. and including Primary Capital Inc. and Dundee Securities Ltd.
Proceeds will be used to advance the La Plata gold-copper-silver-zinc volcanogenic massive sulfide property in Ecuador and for working capital and general corporate purposes.
The Toronto company is developing a high grade gold-copper-silver-zinc project at La Plata in Ecuador.
| Issuer: | Toachi Mining Inc.
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| Issue: | Units of one common share and one half-share warrant
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| Amount: | C$3.43 million, including C$430,000 greenshoe of 2.15 million units
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| Units: | 17.15 million
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| Price: | C$0.20
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| Warrants: | One half-share warrant per unit
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| Warrant expiration: | June 15, 2018
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| Warrant strike price: | C$0.30
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| Agents: | Beacon Securities Ltd. (lead), Primary Capital Inc. and Dundee Securities Ltd.
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| Pricing date: | May 17
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| Upsized: | May 20
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| Settlement date: | June 15
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| Stock symbol: | TSX Venture: TIM
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| Stock price: | C$0.25 at close May 16
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| Market capitalization: | C$3.86 million
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