The company has closed its financing pursuant to its short form prospectus dated Jan. 3, 2018, which was filed with and accepted by the TSX Venture Exchange, and filed with and receipted by the securities commissions of all of the provinces of Canada except Quebec, on Jan. 3, 2018, pursuant to the provisions of the applicable securities acts.
The TSX Venture Exchange has been advised that the offering closed on Jan. 11, 2018, for aggregate gross proceeds of $34.5-million.
Underwriters: Eight Capital, Mackie Research Capital Corp. and Haywood Securities Inc.
Offering: 16,046,511 units, including the overallotment option (Each unit consists of one share and one-half of one common share purchase warrant.)
Unit price: $2.15 per unit
Warrant exercise price/term: Each full warrant entitles the holder to acquire one additional common share of the company at a price of $2.90 for a period of two years.
Underwriters' fees: An aggregate of $2,024,830.18, plus 470,890 compensation options, has been paid to the underwriters. Each compensation option is exercisable into one unit at the same terms as above for a period of two years.
Overallotment option: The underwriters were granted an overallotment option in connection with this offering to purchase additional units, up to 15 per cent of the offering. The overallotment option was fully exercised.
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