Business
Serengeti Announces $15 Million Bought-Deal Financing
Serengeti Announces $15 Million Bought-Deal Financing.
About this update from Northwest Copper Corp.
[{"type":"text","content":"\n\n\n\n/NOT FOR DISSEMINATION IN THE UNITED STATES OR VIA U.S. NEWSWIRE\n\n\nSERVICES/\n\n\nTSX-V: SIR\n\n\nVANCOUVER, May 16 /CNW/ - Serengeti Resources Inc. (the "Company") is\npleased to announce a bought-deal private placement with a syndicate of\nunderwriters led by Canaccord Capital Corporation (the "Underwriters") of\n3,000,000 units (the "Units") at a price of $3.00 per Unit and\n1,600,000 flow-through shares ("Flow-Through Shares") at a price of $3.75 per\nFlow-Through Share to raise a total of up to $15,000,000 (the "Offering"). A\nUnit will consist of one common share and one-half of one transferable common\nshare purchase warrant (a "Warrant"). Each whole warrant will entitle the\nholder to subscribe for one additional common share (a "Warrant Share") at a\nprice of $4.00 for a period of one year from the date of closing.\n\n\nThe Company has also granted the Underwriter an over allotment option to\npurchase any combination of Units and Flow-Through Shares to raise additional\ngross proceeds of up to $4,000,000, exercisable forty-eight hours prior to\nclosing.\n\n\nThe Company may also sell on a non-brokered private placement basis up to\n$1,000,000 of Units having the same terms as the above.\n\n\nThe funds raised from the issuance of the Flow-Through Shares shall be\nused for general exploration expenditures which will constitute Canadian\nExploration Expenditures ("CEE") on the Company's prospects located in British\nColumbia. Funds raised from the issuance of Units will be for general working\ncapital.\n\n\nCompletion of the placement is subject to the approval of the TSX Venture\nExchange.\n\n\nSerengeti is a mineral exploration company managed by an experienced team\nof professionals with a solid track record of exploration success. Serengeti\nis focused on the discovery and development of copper-gold and molybdenum\ndeposits in British Columbia, especially in the highly prospective Quesnel\nTrough where it owns numerous claim blocks totaling in excess of\n100,000 hectares. Additional information can be found on Serengeti's website\nat www.serengetiresources.com.\n\n\n","length":2255,"tagName":"div"}]