Trevali Mining arranges $9.52-million bought deal Trevali Mining arranges $9.52-million bought deal
Ticker Symbol: C:TV
Trevali Mining arranges $9.52-million bought deal
Trevali Mining Corp (C:TV)
Shares Issued 161,131,713
Last Close 7/5/2012
.97
Friday July 06 2012 - News Release
Mr. Mark Cruise reports
TREVALI MINING ANNOUNCES $9,527,500 BOUGHT DEAL PRIVATE PLACEMENT OF FLOW-THROUGH SHARES
Trevali Mining Corp. has entered into an agreement with a syndicate of underwriters led by Raymond James Ltd. pursuant to which the underwriters have agreed to purchase, on a bought-deal private placement basis, 9.25 million common shares, to be issued on a flow-through basis under the Income Tax Act (Canada), at a price of $1.03 per flow-through share for total gross proceeds of $9,527,500.
In connection with the offering, the underwriters will receive a cash commission equal to 5 per cent of the gross proceeds raised under the offering. The offering is scheduled to close on or about July 25, 2012. All securities issued will be subject to a four-month hold period. The offering is subject to a number of conditions including, without limitation, receipt of all regulatory approvals.
The company will incur Canadian exploration and development expenses (as defined in the Income Tax Act (Canada)) in an amount equal to the gross proceeds raised from the flow-through shares no later than Dec. 31, 2013, and will renounce such expenses effective Dec. 31, 2012, and such expenses will qualify as flow-through mining expenditures within the meaning of the Income Tax Act (Canada). The gross proceeds from the sale of the flow-through shares will be used to finance continued underground development and exploration infrastructure at the Halfmile mine as well as exploration expenditures at the Stratmat deposit.
We seek Safe Harbor.
© 2012 Canjex Publishing Ltd.