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Falco Resources Announces Increase to Previously Announced Bought Deal Financing
MONTREAL, Aug. 16, 2021 (GLOBE NEWSWIRE) -- Falco Resources Ltd. (TSX-V:FPC) ("Falco" or the "Company") is pleased to announce that further to its press release
About this update from Falco Resources Ltd.
[{"type":"text","content":" MONTREAL, Aug. 16, 2021 (GLOBE NEWSWIRE) -- Falco Resources Ltd. (TSX-V:FPC) (\"Falco\" or the \"Company\") is pleased to announce that further to its press release on July 28, 2021, the Company has agreed with its syndicate of underwriters led by CIBC Capital Markets (collectively, the “Underwriters”) to increase the size of its previously announced C$10 million “bought deal” offering of units (the “Units”) on a private placement basis. Pursuant to the upsized deal terms (and taking into account the Underwriters’ over-allotment option which has been exercised in full), the Underwriters have agreed to purchase, on a “bought deal” private placement basis, an additional 1,950,000 Units, for a total of 30,700,000 Units at a price of C$0.40 per Unit (the “Offering Price”), for aggregate gross proceeds of C$12,280,000 (collectively, the “Upsized Offering”). No option to purchase additional Units at the Offering Price has been granted to the Underwriters on the upsized portion of the Upsized Offering. Each Unit will consist of one common share of the Company (each a “Common Share”) and one-half of one common share purchase warrant (each full warrant, a “Warrant”). Each Warrant will be exercisable to acquire one Common Share until July 31, 2025, at an exercise price of C$0.55. The expiry date of the Warrants may be accelerated by the Company at any time following the six-month anniversary of the closing date of the Upsized Offering if the volume-weighted average trading price of the Common Shares on the TSX Venture Exchange is greater than C$0.80 for any 10 consecutive trading days, at which time the Company may accelerate the expiry date by issuing a press release announcing the reduced warrant term whereupon the Warrants will expire on the 30th calendar day after the date of such press release. In all other respects, the terms of the Upsized Offering and use of proceeds therefrom will remain as previously disclosed in the July 28, 2021 press release. The Upsized Offering is anticipated to close on or about August 18, 2021 and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals including the approval of the TSX Venture Exchange. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in th...