Deal may fund acquisitions, economic studies and resource estimates
By Devika Patel
Knoxville, Tenn., July 21 – First Mining Finance Corp. said it increased its non-brokered private placement of units to C$27 million from C$16 million due to “significant interest from investors.” The deal priced on July 11.
The company will now sell 33.75 million units of one common share and one half-share warrant at C$0.80 per unit.
Each whole warrant is exercisable at C$1.10 for three years. The strike price is a 26.44% premium to the July 8 closing share price of C$0.87.
Settlement is expected July 27.
Proceeds will be used for potential property acquisitions, economic studies and resource estimates on projects and for general working capital and corporate purposes.
“We have received an incredible level of interest in our financing, and as a result, we have decided to increase the size of the financing to cater to orders from institutional and other investors,” chairman Keith Neumeyer said in a press release. “The response to our financing has been overwhelming, and even with this increase, we are still not able to accommodate all of the orders and interest from investors.”
The gold, silver, lead, zinc and copper explorer is based in Vancouver, B.C.
Issuer: | First Mining Finance Corp.
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Issue: | Units of one common share and a half-share warrant
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Amount: | C$27 million
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Units: | 33.75 million
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Price: | C$0.80
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Warrants: | One half-share warrant per unit
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Warrant expiration: | Three years
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Warrant strike price: | C$1.10
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Agent: | Non-brokered
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Pricing date: | July 11
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Upsized: | July 21
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Settlement date: | July 27
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Stock symbol: | TSX Venture: FF
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Stock price: | C$0.87 at close July 8
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Market capitalization: | C$334.67 million
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