Wednesday, 6th October 2004 (2463 views)

High River Gold Mines Ltd has announced that it has entered into an agreement to sell 27,027,028 units on a bought deal basis at a price of Cdn$1.85 per unit.

The deal is with a syndicate of underwriters, co-led by Sprott Securities and Dundee Securities and including CIBC World Markets, Paradigm Capital, and Orion Securities.

The Canadian firm said gross proceeds from the sale would be around $50 million and each unit will consist of one common share and one-half of one common share purchase warrant.

High River plans to invest the proceeds of the offering for project development and general corporate purposes.

Each whole warrant will be exercisable at a price of Cdn$2.35 for a period of two years from the closing date. The Underwriters will have the option to purchase up to an additional 5,405,405 units at the issue price at any time prior to the closing date.

The offering is scheduled to close on or about October 26 2004 and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals including the approval of the Toronto Stock Exchange.

 

« Back to the stories

 

The news feeds on this site are independently provided by Adfero Limited © and do not represent the views or opinions of the World Gold Council.