Business
Metalla and Coeur Announce Increase in Secondary Bought Deal Offering of Common Shares of Metalla to US$18 Million
VANCOUVER, British Columbia, June 23, 2020 (GLOBE NEWSWIRE) -- Metalla Royalty & Streaming Ltd. (TSXV: MTA) (NYSE American: MTA) (the “Company” or “Metalla”) an
About this update from Metalla Royalty & Streaming Ltd.
[{"type":"text","content":" VANCOUVER, British Columbia, June 23, 2020 (GLOBE NEWSWIRE) -- Metalla Royalty & Streaming Ltd. (TSXV: MTA) (NYSE American: MTA) (the “Company” or “Metalla”) and Coeur Mining, Inc. (NYSE: CDE) (“Coeur”) are pleased to announce that they have agreed with the syndicate of underwriters led by PI Financial Corp., Haywood Securities Inc. and Cantor Fitzgerald Canada Corporation (together with the syndicate, the “Underwriters”), to increase the size of the bought deal secondary offering announced June 22, 2020. The secondary offering will now consist of 3,400,000 common shares of Metalla (the “Common Shares”) currently held by Coeur at a price of US$5.30 per Common Share for gross proceeds to Coeur of approximately US$18 million (the “Secondary Offering”). Metalla will not receive any proceeds from the Secondary Offering. In addition, Coeur has granted the Underwriters an over-allotment option (the “Over-Allotment Option”) to purchase up to an additional 15% of the number of shares of Metalla sold in the Secondary Offering for up to 30 days after the closing, on the same terms and conditions as the Secondary Offering. If the Over-Allotment Option is exercised in full, the total gross proceeds to Coeur will be US$20,723,000. Coeur currently owns, as of the date hereof, 5,241,310 Common Shares, representing approximately 14.9% of the issued and outstanding Common Shares of Metalla (on a non-diluted basis). Upon closing of the Secondary Offering and prior to the exercise of the Over-Allotment Option, Coeur’s ownership of Metalla’s issued and outstanding Common Shares will be reduced from 14.9% to 4.04% (on a non-diluted basis) after giving effect to the Wharf royalty transaction, announced by Metalla on June 22, 2020. If the Over-Allotment Option is exercised in full, Coeur’s ownership interest in Metalla will be reduced to 2.59% (on a non-diluted basis). Coeur has also agreed, subject to certain limited exceptions, not to sell any Common Shares or other securities of Metalla for a period of 120 days from the closing of the Secondary Offering. The Secondary Offering is expected to close on or about June 30, 2020. This press release does not constitute an offer to sell or a solicitation of an offer to buy the securities being offered, nor may there be any sale of the securities being offered in any state or other jurisdiction in whic...