CENTURY MINING CORPORATION ("CMM")
BULLETIN TYPE: Private Placement-Brokered
BULLETIN DATE: December 30, 2009
TSX Venture Tier 2 Company
TSX Venture Exchange has accepted for filing documentation with respect to a Brokered Private Placement announced September 15, 2009, November 2, 2009 and December 24, 2009:
Number of Shares: 85,000,000 shares
Purchase Price: $0.20 per share
Warrants: 42,500,000 share purchase warrants to
purchase 42,500,000 shares
Warrant Exercise Price: $0.30 for an eighteen month period
Number of Placees: 3 placees
Insider / Pro Group Participation:
Insider=Y /
Name ProGroup=P / # of Shares
Kirkland Intertrade Corp. Y 78,750,000
Ospraie Equity Master Fund LP Y 5,000,000
Agents' Fees: $400,000 payable to Strategic Partners Ltd.
1,500,000 Agent's warrants payable to Union
Securities Ltd.
Pursuant to Corporate Finance Policy 4.1, Section 1.11(d), the Company must issue a news release announcing the closing of the private placement and setting out the expiry dates of the hold period(s). The Company must also issue a news release if the private placement does not close promptly.
7 comments:
There seems to be 3 placees:
1) Of course we knew about the 78,750,000 shares to Finskiy (Kirkland Intertrade).
2) It looks liked Ospraie Equity Master Fund picked up 5,000,000 shares.
3) It's not clear who the 3rd placee is, with the balance of shares (1,250,000)
I guess the question now is, does this final TSX-V approval of the large PP put deal in a position to now be fully closed off or do we still have to wait for the minor Teck royalty approval also and is there anything else we are waiting for on either the TSX-V side or the bank's side? Yup, the 2009 window only has one more day. I guess we will soon find out.
Let's hope Peggy can meet her predicted date "the week of the 28th". Now that there is much more attraction to the stock and with the new investors Peggy will have to show some greater professionalism.
does the third placee include the Union warrants?
I think the 42,500,000 warrants accounts for all of the warrants issued in association with the 85,000,000 common shares (85,000,000 / 2 = 42,500,000).
I think the primary finder's compensation for this deal has gone to Strategic Partners Inc., with the $400,000 cash payment.
I can't really say for sure how Union figures into to everything. However, my guess is that they are being compensated with 1,500,000 warrants for being with us in the beginning and initiating the search process (even though they were likely not the ones that hooked us up with Finskiy and Scola). There are costs associated with everything. The 1,500,000 warrants can go towards recovering their costs as well as some profits for their efforts (once exercised and cashed in).
Here is a little bit about Ospraie Equity Master Fund LP. It is run by a guy named Dwight Anderson. He use to operate another Ospraie hedge fund. That other fund was the largest commodities hedge fund in the world - about $7 billion at the peak I think. However, that fund crashed in 2008 during the global crisis. I think he had to sell the fund, but I also read that by mid 2009 people had recovered 80% of their original investment (maybe more by now).
In July 2009, he announced that he raised $100 million to start 2 new hedge funds. He didn't seem to have any problems raising that kinda cash though. One fund invests in the commodity equities and the other fund gets invested directly in commodities.
He has been tagged as an insider in the TSX-V bulletin note. His 5M shares does not equate to 10% of Century so he is not an insider from that standpoint (unless he has bought significant enough shares on the open market recently, which is unlikely). He is probably considered an insider because he was likely privileged to insider info during the PP process.
Let's hope he uses a bit more of that $100M to buy more Century shares on the open market once the deal closes. A one million dollar investment (5M Century shares @ $.20 per share) appears to be a small time investment for someone that is use to operating billion dollar hedge funds. Maybe he is starting small with his new hedge funds due to his capital pool being much smaller ($100M instead of billions).
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