Magma Energy files final prospectus for US$38m offering
Magma Energy Corp. files final prospectus with securities regulators for the issuance of shares worth US$38 million.
In a release by the company, “Magma Energy Corp. (TSX: MXY) announces that in connection with its previously announced offering, it has filed a final prospectus with the securities regulatory authorities in each of the provinces of Canada, other than Quebec with respect to the issuance of 35,714,286 common shares of Magma at a price of $1.12 per share, for gross proceeds of $40,000,000. Closing is scheduled to take place on or about July 27, 2010.
In addition, Magma has granted to the underwriters an option to purchase up to an additional 5,257,142 common shares on the same terms as set out above to cover over-allotments, if any.
Raymond James Ltd. is the lead underwriter for the offering. The other members of the syndicate are National Bank Financial Inc., Cormark Securities Inc., Dundee Securities Corporation, Jacob Securities Inc., Mackie Research Capital Corporation, Salman Partners Inc., Wellington West Capital Markets Inc. and Canaccord Genuity Corp.”