Probe Mines increases private placement to $25-million
2011-04-04 10:02 ET - News Release
Mr. David Palmer reports
PROBE MINES ANNOUNCES PRICING AND UPSIZES BROKERED PRIVATE PLACEMENT TO C$25 MILLION
Probe Mines Ltd. has priced and upsized its previously announced best-efforts marketed private placement. Probe will sell 18.52 million units at a price of $1.35 for gross proceeds of $25,002,000. Each unit will consist of one common share and one-half of one common-share purchase warrant. BMO Capital Markets acted as sole agent for the offering. The offering is expected to close on or about April 21, 2011.
Each whole common-share purchase warrant will entitle the holder to purchase one additional common share of the company at a price of $1.70 for a period of two years following the closing of the offering. If the volume-weighted average share price of the common shares on the TSX Venture Exchange is greater than $2.70 per common share for a period of 20 consecutive trading days at any time following the issuance of the warrants, the company may accelerate the expiry date of the warrants by issuing a press release announcing the reduced warrant term, whereupon the warrants will expire on the 30th calendar day after the date of the press release.
The company intends to use the net proceeds from the offering to finance the exploration and development of the Borden Lake property as well as other projects, and for general corporate purposes.
The offering is subject to certain conditions including, but not limited to, the receipt of all necessary approvals, including the approval of the TSX Venture Exchange and applicable securities regulatory authorities.
