12 Oct 2007capital raising announcement● NeutralMajor
On October 12, 2007 the company completed a private sale of 11,316,000 new common shares at Cnd$3.05 each, raising Cnd$34,513,800 before costs. Sales were to non-U.S. buyers and qualified institutional buyers, with a commission of Cnd$0.1525 per share paid. This is the first new financing seen in the filings and adds shares to the existing base, so existing holders are diluted by that amount. The filing does not say what the money is for.
What it means for a shareholder
11.3m new shares at about $3.05 to raise about $34.5m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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