Superior Gold (TSXV: SGI) this morning announced that it will be conducting a bought deal private placement. Gross proceedings from the financing are expected to total out at $15.0 million, with proceeds being used for the advancement of projects and the repurchase of a royalty.
The bought deal is being lead by PI Financial and being conducted by a syndicate of underwriters. The financing will see common shares sold at a price of $0.70 per share, with no warrant being offered under the placement.
A total of 21,430,000 common shares are expected to be sold, with the company also granting a 15% over-allotment option. The option is valid for a period of 30 days following the close of the financing. A total of $15,001,000 in gross proceeds is expected to be raised before the over-allotment is considered.
Sponsored · PTX Metals Inc.
The financing is expected to close by November 5, 2020.
Superior Gold last traded at $0.77 on the TSX Venture.
Information for this analysis was found via Sedar and Superior Gold Inc. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security.
