Investing.com – Cadillac Mines Corp. and some of its backers are seeking to raise as much as C$363 million ($258 million) in an initial public offering, adding to the mining-driven rebound of public listing activity in Canada.
The Toronto-based mineral exploration company expects to receive about C$190 million gross proceeds in the IPO while the selling shareholders are targeting roughly C$173 million in the offering, according to a statement Monday. The company launched the offering and commenced its roadshow Monday following the filing of an amended and restated preliminary base PREP prospectus with securities regulatory authorities in each of the provinces and territories of Canada.
The offering will consist of 50,228,000 shares in aggregate and will include common shares priced at C$6.90 each, as well as special flow-through shares at C$9.52. The company and selling shareholders have granted underwriters an over-allotment option to purchase up to an additional 7,534,200 common shares at C$6.90, exercisable in whole or part, at any one time, for a period of 30 days from the closing date of the offering.
If the over-allotment is exercised in full, the gross proceeds from the offering to the company and selling shareholders will be approximately C$415 million. The company expects to complete a concurrent private placement treasury offering of 8,696,000 common shares to for gross proceeds of approximately C$60 million, with no commission or other fee paid to underwriters or agents in connection with the private placement.
Cadillac Mines is a Canadian mineral exploration company advancing a portfolio of gold and critical mineral projects along the Cadillac-Larder Lake Break in Ontario and Québec. The company is focused on expanding its gold resource base, advancing the Geminid nickel deposit and unlocking the potential of its Abitibi land position.
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