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Storm Resources Ltd Announces $18 Million Bought Deal Financing And Up To $5.1 Million Non Brokered Financing

Wednesday, 10 Apr 2013 08:27am EDT 

Storm Resources Ltd announced that it has entered into an agreement with a syndicate of underwriters led by FirstEnergy Capital Corp. and including National Bank Financial Inc., Peters & Co. Ltd., Macquarie Capital Markets Canada Ltd., and RBC Capital Markets (collectively the Underwriters) to issue, on a bought deal basis, 9,580,000 common shares (Common Shares) of Storm, at a price of $1.88 per Common Share, for aggregate gross proceeds of $18,010,400 (the Bought Deal Financing). In addition, contemporaneous with the completion of the Bought Deal Financing, Storm announces that it shall issue up to 2,700,000 Common Shares to certain investors identified by Storm, including directors, officers, and employees of Storm, at a price of $1.88 per Common Share, for aggregate proceeds of up to $5,076,000 (the Non-Brokered Financing, and together with the Bought Deal Financing, the Offering). Aggregate gross proceeds from the Offering are up to $23,086,400 with up to 12,280,000 Common Shares being issued. Proceeds of the Offering will be used primarily to fund Storm's capital investment program in the Umbach area of north eastern British Columbia and for general working capital purposes. Closing is expected to occur on or about May 1, 2013. 

Company Quote

-0.08 -1.72%
30 Jul 2014