Yikes!!
Western Goldfields arranges $70-million public offering
2007-01-18 10:50 ET - News Release
Mr. Brian Penny reports
WESTERN GOLDFIELDS ANNOUNCES PRICING OF C$70 MILLION PUBLIC OFFERING OF COMMON SHARES
Western Goldfields Inc. has agreed to issue common shares at a price of $2.25 in connection with its previously announced marketed public equity offering. The offering is being made under a prospectus supplement to Western Goldfields' shelf prospectus dated Oct. 27, 2006. The underwriters have agreed to purchase 31,115,000 common shares for gross proceeds of $70,008,750. Western Goldfields has granted the underwriters an option to purchase up to 2,215,000 additional shares of common stock to cover overallotments, if any.
The underwriting syndicate is being co-led by Wellington West Capital Markets Inc. and BMO Capital Markets and includes RBC Capital Markets, GMP Securities LP and Research Capital Corp.
Closing of the offering is scheduled to occur on or about Jan. 25, 2007. The net proceeds of the offering will be used to finance activities at Western Goldfields' Mesquite mine project and for general corporate purposes.
Copies of the prospectus supplement may be obtained from Wellington West Capital Markets Inc., 145 King St. W, suite 700, Toronto, Ont., M5H 1J8 (telephone -- 416-642-1900, attention: Scott Larin), or from BMO Capital Markets, 1 First Canadian Place, distribution centre, Toronto, Ont., M5X 1H3 (telephone -- 416-363-6996, extension 224, attention: Des Raposo).
Western Goldfields is also offering 1.95 million common shares to certain of Western Goldfields' shareholders at the same offering price as the marketed offering. Copies of the prospectus supplement may be obtained when available from Western Goldfields, 2 Bloor St. W, suite 2102 , PO box 110, Toronto, Ont., M4W 3E2 (telephone -- 416-324-6015, attention: Julie Taylor Pantziris).
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