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Mawson West Ltd Completes Equity Financing


Thursday, 20 Dec 2012 09:13am EST 

Mawson West Ltd announced that it has completed its previously announced public offering (the "Offering") of ordinary shares ("Shares") at a price of $0.60 per share. The Offering was co-led by Cormark Securities Inc. and Paradigm Capital Inc. and also included Clarus Securities Inc. (collectively, the "Underwriters"). Concurrently with completion of the Offering, the Underwriters exercised in full the over-allotment option to purchase an additional 3,000,000 Shares pursuant to the option, which was previously granted by the Company. As a result, the total number of Shares issued was 23,000,000, resulting in total gross proceeds to the Company of $13,800,000. The net proceeds of the Offering will be used by the Company as a contingency for additional capital expenditures and for working capital as required to complete the development of the Dikulushi Cutback Project or the Kapulo Project in the event any unplanned events impact projected cash flows. In the event that the net proceeds from the Offering are not required for any such contingency, they may be used by the Company to advance Lufukwe and other exploration targets and/or for capital project opportunities. 

Company Quote

0.355
0.01 +2.90%
10:44am EDT