Raytec Swimming with the Sharks::
Was yesterday the Top or an interim top ? Those who think they sold too early should not be too hard on themselves. ( me included)
Ogi
Raytec arranges $17-million private placement
Raytec Metals Corp (C:RAY)
Shares Issued 46,076,721
Last Close 6/11/2008 $1.82
Thursday June 12 2008 - News Release
Mr. Brian Thurston reports
RAYTEC ANNOUNCES $17,000,000 PRIVATE PLACEMENT FINANCING OF UNITS AND FLOW-THROUGH SHARES
Raytec Metals Corp. has arranged a private placement with a syndicate of agents led by Canaccord Capital Corp., and including Integral Wealth Services Ltd., for a total of 10 million units at a price of $1.20 per unit for proceeds of $12-million, and 3,571,500 flow-through common shares at a price of $1.40 per flow-through share for proceeds of approximately $5-million, for total gross proceeds of approximately $17-million. A unit will consist of one common share and one transferable common share purchase warrant. Each warrant will entitle the holder to subscribe for one additional common share at a price of $1.60 for a period of two years from the date of closing.
In consideration for their efforts, the agents will be paid a commission of 7 per cent of the total proceeds raised in the offering upon closing payable in cash. In addition, the agents will receive agents' warrants equal to 8 per cent of the offering. Each agents' warrant shall be exercisable into one common share of the company for a period of two years from the date of closing at $1.60 per share.
The company has also granted the agents an overallotment option to solicit additional units to raise additional gross proceeds of up to approximately $5-million (4,166,700 units) and additional flow-through shares of up to approximately $3-million (2,142,900 flow-through shares) for total additional gross proceeds of up to approximately $8-million, exercisable 48 hours prior to closing.
The funds raised from the issuance of the flow-through shares shall be used for general exploration expenditures which will constitute Canadian exploration expenditures. The funds raised from the issuance of the units will be used for the advancement of the company's mineral assets and for general working capital purposes.
© 2008 Canjex Publishing Ltd. |
