MagIndustries raises $24.24 million through public offering of common shares

Tue. June 23, 2009; Posted: 02:32 PM

Jun 23, 2009 (Datamonitor Financial Deals Tracker via COMTEX) -- MAAFF | Quote | Chart | News | PowerRating -- MagIndustries Corp., a Canada-based investment holding company engaged in energy, minerals, metals, and forestry businesses, has completed its public offering of 62.15 million common shares at a price of CAD0.42 ($0.39) per share raising gross proceeds of CAD26.1 million ($24.24 million).

Update on June 2, 2009:

MagIndustries has agreed to issue 62.15 million common shares of the company at a price of CAD0.42 ($0.39) per share to raise gross proceeds of CAD26.1 million ($24.24 million) in a public offering.

The underwriters have also been granted an option to purchase up to an additional 9,322,500 common shares, exercisable at any time, in whole or in part, up to 30 days from the closing of the offering.

Announcement (June 1, 2009):

MagIndustries has filed a preliminary short form prospectus with the securities regulatory authorities to raise approximately CAD30 million ($27.49 million) by issuing its new common shares in a public offering.

As part of the transaction, MagIndustries has also granted an option to the underwriters to purchase up to an additional 15% of its common shares to cover over-allotments, if any and for market stabilization purposes. The over-allotment option is exercisable in whole or in part for a period of 30 days following the closing of the offering.

The transaction is scheduled to close on or about June 16, 2009.

Cormark Securities, Inc., BMO Nesbitt Burns, Inc., Paradigm Capital, Inc., Canaccord Capital Corporation, and Jennings Capital, Inc. are acting as underwriters for the offering.

Deal Value (US$ Million) 24.24
Deal Type                IPO
Sub-Category             Secondary Offering
Deal Status              Completed: 2009-06-22

Deal Participants

Target (Company) MagIndustries Corp.

Deal Rationale

MagIndustries intends to use the net proceeds from the offering for the construction of Phase I of its potash project near Mengo in the Kouilou province of the Republic of Congo, for the construction of a portion of the natural gas pipeline, for purchasing materials, services and equipment, and acceleration of engineering work.

Offer Price ($ per share) 0.39
No. Shares Issued         62150000

For full details for MAAFF click here.

More News: Market Updates | Stock Alerts | All Trading News | Stock Index

Archives

Feedback

Email Article Link

Close X

RELATED SITES

Please call 1-213-955-5858 ext. 1

Tax Relief Bank Levy Wage Garnishment

Disclaimer:

The Connors Group, Inc. ("Company") is not an investment advisory service, nor a registered investment advisor or broker-dealer and does not purport to tell or suggest which securities or currencies customers should buy or sell for themselves. The analysts and employees or affiliates of Company may hold positions in the stocks, currencies or industries discussed here. You understand and acknowledge that there is a very high degree of risk involved in trading securities and/or currencies. The Company, the authors, the publisher, and all affiliates of Company assume no responsibility or liability for your trading and investment results. Factual statements on the Company's website, or in its publications, are made as of the date stated and are subject to change without notice.

It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable or that they will not result in losses. Past results of any individual trader or trading system published by Company are not indicative of future returns by that trader or system, and are not indicative of future returns which be realized by you. In addition, the indicators, strategies, columns, articles and all other features of Company's products (collectively, the "Information") are provided for informational and educational purposes only and should not be construed as investment advice. Examples presented on Company's website are for educational purposes only. Such set-ups are not solicitations of any order to buy or sell. Accordingly, you should not rely solely on the Information in making any investment. Rather, you should use the Information only as a starting point for doing additional independent research in order to allow you to form your own opinion regarding investments. You should always check with your licensed financial advisor and tax advisor to determine the suitability of any investment.

HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN INHERENT LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING AND MAY NOT BE IMPACTED BY BROKERAGE AND OTHER SLIPPAGE FEES. ALSO, SINCE THE TRADES HAVE NOT ACTUALLY BEEN EXECUTED, THE RESULTS MAY HAVE UNDER- OR OVER-COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE SHOWN.

The Connors Group, Inc.
10 Exchange Place, Suite 1800
Jersey City, NJ 07302

All analyst commentary provided on TradingMarkets.com is provided for educational purposes only. The analysts and employees or affiliates of TradingMarkets.com may hold positions in the stocks or industries discussed here. This information is NOT a recommendation or solicitation to buy or sell any securities. Your use of this and all information contained on TradingMarkets.com is governed by the Terms and Conditions of Use. Please click the link to view those terms. Follow this link to read our Editorial Policy.