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Serengeti and Sun Metals Announce Upsize to Bought Deal Offering in Connection with Merger Transaction
Serengeti and Sun Metals Announce Upsize to Bought Deal Offering in Connection with Merge...
About this update from Northwest Copper Corp.
[{"type":"text","content":"\n \n \n \n Serengeti and Sun Metals Announce Upsize to Bought Deal Offering in Connection with Merger Transaction\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n NOT FOR DISTRIBUTION TO\n \n UNITED STATES\n \n NEWS WIRE SERVICES OR FOR DISSEMINATION IN\n \n THE UNITED STATES\n \n \n \n \n \n VANCOUVER, BC\n \n ,\n \n Dec. 2, 2020\n \n /CNW/ - Serengeti Resources Inc. (TSXV: SIR) (\"\n \n Serengeti\n \n \") and Sun Metals Corp. (TSXV: SUNM) (\"\n \n Sun Metals\n \n \") are pleased to announce that they have entered into an agreement with PI Financial Corp. and Haywood Securities Inc. as co-lead underwriters, on behalf of a syndicate of underwriters (collectively, the \"\n \n Underwriters\n \n \"), to increase the size of the previously announced bought deal financing to an aggregate of 72,000,000 subscription receipts (the \"\n \n Subscription Receipts\n \n \") at a price of\n \n $0.125\n \n per Subscription Receipt (the \"\n \n Issue Price\n \n \") for gross proceeds of\n \n $9,000,000\n \n (the \"\n \n Offering\n \n \"). The Offering is being conducted in connection with the previously announced merger transaction between Serengeti and Sun Metals to create a premier Canadian multi-asset copper-gold developer (the \"\n \n Transaction\n \n \") whereby Serengeti will acquire all of the shares of Sun Metals on the basis of 0.43 common shares of Serengeti (on a pre-consolidation basis) for each share of Sun Metals held (the \"Exchange Ratio\").\n \n \n \n \n \n \n \n \n \n In addition, Sun Metals has granted the Underwriters an option to purchase up to an additional 10,800,000 Subscription Receipts at the Issue Price, for additional gross proceeds of up to\n \n $1,350,000\n \n , exercisable in whole or in part at any time prior to the closing date of the Offering.\n \n \n The Subscription Receipts will be issued pursuant to a subscription receipt agreement (the \"\n \n Subscription Receipt Agreement\n \n \") to be entered into by Sun Metals, the Underwriters, and a licensed Canadian trust company as subscription receipt agent to be agreed upon. Pursuant to the S...