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Canada : Skeena Closes Oversubscribed Private Placement.

Skeena Resources Limited (Skeena or the Company) has closed its previously announced private placement of units (the Units) of the Company (the Offering) pursuant to an agency agreement dated June 13, 2017 (the Agency Agreement) between the Company and RBC Capital Markets (lead agent), Paradigm Capital Inc. and PI Financial Corp. (collectively, the Agents). The Offering raised gross proceeds of approximately C$5.7 million.

The Company issued (a) 81,329,235 Units on a non-flow-through basis at a price of C$0.05 per Unit for gross proceeds of C$4,066,462, and (b) 24,892,307 Units on a flow-through basis at a price of C$0.065 per Unit for gross proceeds of C$1,618,000, for aggregate gross proceeds of C$5,684,462. Each Unit consisted of one common share of the Company, on a non-flow-through and flow-through-basis, respectively, and one-half of one non-flow-through common share purchase warrant of the Company (each whole common share purchase warrant, a Warrant and, collectively, the Warrants). Each Warrant entitles the holder to purchase one common share of the Company at a price of C$0.10 until June 13, 2020. The securities issued under the Offering will be subject to a statutory hold period in Canada expiring four months and one day from the Closing Date, being October 14, 2017.

Pursuant to the Agency Agreement, as compensation for services rendered in connection with the Offering, the Agents received a cash commission equal to 7.0% of the gross proceeds of the Offering, less any Units sold to purchasers introduced by the Company (the Presidents List Purchasers). In addition, the Company paid finders fees equal to 7.0% of the gross proceeds from the Units sold to certain Presidents List Purchasers.

The net proceeds of the Offering will be used to fund advancement of the Companys Snip project and for working capital purposes. The gross proceeds from the flow-through common shares will be used to fund Canadian exploration expenses.

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Publication:Mena Report
Date:Jun 14, 2017
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