Highway RobberyNAR just upped the financing to $4 million.
"North Arrow Minerals Inc. has entered into an amended letter of engagement with Dundee Securities Ltd., on behalf of a syndicate including Haywood Securities Inc., under which the underwriters have now agreed to purchase 4,211,000 flow-through common shares of North Arrow by way of a private placement, on a bought-deal basis, subject to all required regulatory approvals, at a price per flow-through share of 95 cents, for total gross proceeds of $4,000,450.
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 closing date of the offering is scheduled on or about May 28, 2015. The offering is subject to a number of conditions, including receipt of all regulatory approvals."
Two things wrong with this.
1 - 5% comission...yikes
2 - 95 cents for a flow through? Flow throughs are supposed to be @ 25% premium to market and non-flow throughs @ market...because of tax benefits.
Dundee/Haywood in essence are giving NAR 95 cents per share, getting about 20 cents back from the Government (tax benefits) and getting back a nickel from NAR for comission.
Dundee/Haywood are buying shares @ 70 cents and us retail investors get to spend 95 cents for the same bloody share.
Ridiculous....and then some.
At least with the Friedland's financing PGD, there is usually no comission or a lot less comission %. and the rights offering give sthe retail and non-retail equal footing.
Not so with NAR...
Unfair!
LONG...PGD
EKIM