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Gold/Mining/Energy : The Graphite Blog -- Ignore unavailable to you. Want to Upgrade?

To: vitalremains who wrote (1409)	4/3/2014 2:03:14 PM
From: vitalremains	Read Replies (1) \| Respond to of 1882

Mason Graphite increases offering to $10-million 2014-04-03 12:32 ET - News Release Mr. Benoit Gascon reports MASON GRAPHITE ANNOUNCES INCREASE TO BOUGHT DEAL PRIVATE PLACEMENT OFFERING Mason Graphite Inc. has agreed to increase the size of its previously announced bought-deal private placement offering to $10,000,006. Pursuant to a revised letter agreement, the underwriters, led by Macquarie Capital Markets Canada Ltd., and including National Bank Financial Inc. and Dundee Securities Ltd., have agreed to buy on a bought-deal basis 15,384,625 units at a price of 65 cents per unit for gross proceeds of $10,000,006. Each unit comprises one common share and one-half of one share purchase warrant. Each whole warrant will entitle the holder to acquire one common share at a price of 85 cents for a period of 24 months following the closing of the offering. As part of the offering, Ressources Quebec, a subsidiary of Investissement Quebec, will, subject to certain conditions, subscribe for 4,615,385 units for gross proceeds of $3.0-million. The closing of the offering will be conditional upon Ressources Quebec purchasing, at closing, the securities subscribed for under the lead order. Upon closing of the offering, subject to certain conditions, Ressources Quebec will have a right of first refusal to participate in any future securities offerings by Mason Graphite. The company is also in discussions with other large and well-respected institutions for an equity or equity-linked financing for up to approximately $4-million of incremental capital. The outcome of these discussions is uncertain, and subject to further negotiation and conclusion of binding term sheets and definitive agreements, and receipt of all applicable regulatory and other approvals. There is no assurance that any transaction will result from these discussions, or as to the timing, structure or terms of any transaction. Mason Graphite has also granted an option to the underwriters to purchase up to 2,307,694 additional units at the issue price of 65 cents per unit, which if exercised in full would result in total gross proceeds of $11,500,007 to Mason Graphite from the offering. The underwriters' option is exercisable in whole or in part at any time up to 48 hours prior to closing of the offering. In connection with the offering, the underwriters will receive a cash commission equal to 6.0 per cent of the gross proceeds raised under the offering (inclusive of the underwriters' option) and that number of non-transferable broker warrants equal to 6.0 per cent of the number of units sold (inclusive of the underwriters' option). Each broker warrant will be exercisable into one unit of the company for a period of 24 months from the closing of the offering at a price of 65 cents per unit. All securities issued at the closing of the offering are subject to a four-month hold period under applicable Canadian securities legislation and the policies of the TSX Venture Exchange. The aggregate gross proceeds from the offering will total approximately $10.0-million. The net proceeds of the offering will be used to finance the continued development of the Lac Gueret project and for general corporate purposes. The offering is expected to close on or about April 30, 2014, and is subject to the prior approval of the TSX Venture Exchange. We seek Safe Harbor.