Business
Falco Announces Closing of $36.5 Million Bought Deal Financing
MONTREAL, QC--(Marketwired - November 22, 2016) - Falco Resources Ltd. ("Falco" or the "Company") (TSX VENTURE: FPC) is pleased to announce it has closed its pr
About this update from Falco Resources Ltd.
[{"type":"text","content":"MONTREAL, QC--(Marketwired - November 22, 2016) - Falco Resources Ltd. (\"Falco\" or the \"Company\") (TSX VENTURE: FPC) is pleased to announce it has closed its previously announced bought deal prospectus offering (the \"Offering\") of 24,183,350 units (the \"Units\") at a price of $1.07 per Unit, and 8,260,475 flow-through common shares (the \"Flow-Through Shares\") at a price of $1.28 per Flow-Through Share for aggregate gross proceeds of approximately $36.5 million including 3,154,350 Units and 447,975 Flow-Through Shares issued pursuant to the partial exercise by the underwriters of the over-allotment option. The Offering was conducted by a syndicate of underwriters led by Haywood Securities Inc., and including BMO Nesbitt Burns Inc., Canaccord Genuity Corp., Desjardins Securities Inc., Beacon Securities Limited and M Partners Inc. The net proceeds of the Offering will be used for the continued exploration and development of the Horne 5 Project, for dewatering and rehabilitation of the Quemont 2 Shaft, pre-construction surface installation, and for working capital and general corporate purposes. The proceeds received by the Company from the sale of the Flow-Through Shares will be used by the Company to incur sufficient Canadian exploration expenses (as defined in the Income Tax Act (Canada) on the Horne 5 Project, on or before December 31, 2017 so as to enable the Company to renounce, effective on or before December 31, 2016, in favour of each purchaser of Flow-Through Shares, an amount equal to the aggregate purchase price for the Flow-Through Shares paid by such purchaser. Each Unit entitles the holder to acquire, for no additional consideration, one common share in the capital of the Company (a \"Common Share\") and one-half of one common share purchase warrant (each whole common share purchase warrant, a \"Warrant\"). Each Warrant shall be exercisable to acquire one additional common share (a \"Warrant Share\") of the Company for a period of 18 months from the closing date of the Offering at an exercise price of $1.45 per Warrant Share. The expiry date of the Warrants may be accelerated by the Company at any time following the six-month anniversary of the closing of the Offering and prior to the expiry date of the Warrants if the volume-weighted average trading price of the Company's common shares is greater than $...