Business
Giga Metals Announces C$7.5 Million Overnight Marketed Offering
Vancouver, British Columbia--(Newsfile Corp. - March 30, 2021) - Mark Jarvis, CEO of Giga Metals Corp. (TSXV: GIGA) announces that it is undertaking an overnigh
About this update from Giga Metals Corporation
[{"type":"text","content":" Vancouver, British Columbia--(Newsfile Corp. - March 30, 2021) - Mark Jarvis, CEO of Giga Metals Corp. (TSXV: GIGA) announces that it is undertaking an overnight marketed public offering of units (the \"Offered Units\") of the Company for anticipated gross proceeds of up to CDN$5 million (the \"Unit Offering\"), and a public offering of flow-through units (the \"Flow-Through Units\", and together with the Offered Units the \"Units\") of the Company for anticipated gross proceeds of up to CDN $2.5 million (the \"Flow-Through Offering\" and together with the Unit Offering, the \"Offering\"). The Offering is expected to be completed pursuant to an underwriting agreement to be entered into between the Company and Cantor Fitzgerald Canada Corporation, as lead underwriter and sole bookrunner, and a syndicate of underwriters including Canaccord Genuity Corp., Haywood Securities Inc. and Echelon Wealth Partners Inc. (collectively, the \"Underwriters\"). The number of Offered Units and Flow-Through Units to be sold, the Unit Offering price and the Flow-Through Offering price (the \"Offering Price\") and the terms of the Offered Units and Flow-Through Units will be determined in the course of marketing and there can be no assurance as to completion of the Offering. In addition, the Company will grant the Underwriters an over-allotment option (the \"Over-Allotment Option\") exercisable, in whole or in part, in the sole discretion of the Underwriters, to purchase up to an additional 15% of the number of Units sold in the Offering for up to 30 days after the closing, on the same terms and conditions as the Offering. The Company will pay the Underwriters a cash commission equal to 6.5% of the gross proceeds of the Offering, including proceeds received from the exercise of the Over-Allotment Option, in addition to broker warrants to purchase up to 6.5% of the number of Offered Units, including the Offered Units from the exercise of the Over-Allotment Option sold in the Offering (the \"Broker Warrants\"). Each Broker Warrant shall entitle the Underwriters to purchase one unit having the same terms as the Offered Unit at the Issue Price at any time on or before the date on which the Warrants issued under the Offering are set to expire. The Offered Units will be offered by way of a short form prospectus in Canada in the provinces of Ontario, Bri...