Business
Serengeti and Sun Metals Close Upsized $10,350,000 Bought Deal Offering in Connection With Merger Transaction
Serengeti and Sun Metals Close Upsized $10,350,000 Bought Deal Offering in Connection Wit...
About this update from Northwest Copper Corp.
[{"type":"text","content":"\n \n \n \n Serengeti and Sun Metals Close Upsized $10,350,000 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.prntac{\nTEXT-ALIGN: CENTER\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. 17, 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, further to their joint news releases dated\n \n November 30, 2020\n \n and\n \n December 2, 2020\n \n , the closing of the previously announced upsized bought deal financing of 82,800,000 subscription receipts (the \"\n \n Subscription Receipts\n \n \") of Sun Metals, 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 $10,350,000\n \n (the \"\n \n Offering\n \n \").  The Offering included a full exercise of the underwriters' over-allotment option, and was co-led by PI Financial Corp. and Haywood Securities Inc. (the \"Co-Lead Underwriters\"), and included Agentis Capital Markets Canada Limited Partnership, Clarus Securities Inc. and Cormark Securities Inc. (collectively, with the Co-Lead Underwriters, the \"\n \n Underwriters\n \n \").\n \n \n \n \n \n \n \n \n \n The Offering is being conducted in connection with the previously announced merger transaction, 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 (as defined below) basis) for each share of Sun Metals held (the \"\n \n Exchange Ratio\n \n \"), to create a premier Canadian multi-asset copper-gold developer (the \"\n \n Transaction\n \n \"). Proceeds from the issue and sale of the Subscription Receipts will be used to advance the collective portfolio of copper-gold exploration and development assets in\n \n British Columbia\n \n , and for general working capital purposes.\n \n \n The Subscription Receipts were...