Century Mining 3,105,846-unit private placement
Century Mining Corp (C:CMM)
Shares Issued 366,963,444
Last Close 9/21/2010 $0.495
Tuesday September 21 2010 - Private Placement
The TSX Venture Exchange has accepted for filing documentation with respect to a non-brokered private placement announced Sept. 17, 2010.
Shares:3,105,846
Price:39 cents
Warrants:1,552,923 share purchase warrants to purchase 1,552,923 shares
Exercise price:60 cents for an 18-month period
Hidden placees:13
Finders' fees:$24,964 cash payable to Union Securities Ltd.; $3,900 cash payable to Raymond James Ltd.; $15,015 cash payable to Canaccord Genuity Corp.; $4,875 cash payable to TD Securities Inc.
14 comments:
We have 4 different Canadian brokerages involved in the last PP. My guess is that the analysts that went on the Lamaque tour went crying to Century when the $5 million PP was announced and that Century caved and threw them a bone.
This is great. Thanks Carib. Could this lead to these institutions giving us coverage? A target north of $1.50 would be a start.
Now that they have their bone to chew on, I hope some institutional buying will come in behind it. lets see.
Isn't the consensus that the price will soar once the PP closes?
Should we expect a ceiling around 60 - the level of the warrants?
I`m glad it is Union Securities` investors that ended up with the biggest bone. Hopefully this is the company rewarding Union Securities for being the only brokerage firm to have stepped up to the plate thus far (with analyst coverage).
I agree, way to go Union Securities...
Wopster
I also commend Union Securities and Brian Mok there. It takes out of the box thinking and a maverick spirit to be among the first. At some point everyone will jump on the bandwagon, but those who are early will always benefit the most.
RE
Thanks Carib. This is indeed very good news. Something we had long felt 'slighted' is now reversing. I can feel we are all elated with that 'i told u so' feeling.
Victor Goncalves has my highest salutation. Dennis Boyko is good too.When Brain Mok put in his target price of $0.90, we knew he was being ultra conservative/sensitive for some unspeakable reasons n one of my suspects is he was worried of being laughed at by guys in the same trade as his.
Sirs, it is not only one but 4 of them! It makes me feel that the cold Canadian front has finally been broken! Believe the SP fuse is lit and take off time will be soon. Cheers!
I would also like to say that these plays show sensitivity and keen sense from Management/BOD in breaking that ice wall between us and the Canadian Houses. I like what Mr KH/BOD had done.
Woof woof...I'm glad to see a few of the Bay Street Boys getting on board, and let me echo the kudos for Brian Mok. The whole episode jusy begs the question, though-the name of this game, at the end of the day, is who has the gold, and who gets it out of the ground. Nothing pleases me better than that we "ground crew" got this ahead of the, er...professionals. Sorry if that's a slur, but it just isn't much of a stretch to see the value in this company. If the pros aren't getting on board, I think they ought to go on over to JPM and that bunch of pirates - for the simple reason that their jobs surround the search for shareholder value. If they aren't getting on board here, in the face of the supply situation and current market dynamics, they are simply avoiding the facts.
All that being said, its nice to feel vindicated, and lets do what we can to keep the Ball rolling...
GLTA
I cannot agree more. It has to be that those who have the gold have the say. Officially we have some 5.5million oz r&r in all catagories but I am not sure how many more oz we could potentially have in the ground of the Lamaque properties.All I know is that SURPRICE IS ON THE UPSIDE n right now my gut feel is that it will be big, much bigger than 5.5million oz
Okay,I put the 1/2 million up at 4.00 again, I say come and get it!
I'm not sure where to post this question but I'm hoping one of the regular contributors can answer it. With UBS today speculating that the Canadian dollar will hit parity with the US dollar in 3 months, what is the effect on Century's business? In other words, what effect does the dollar have on our gold sales? Is a strong dollar better?
Hi Dave,
There will likely be slight differences here and there, but par with the US$ shouldn`t be a material impact on the business (assuming it stays within a reasonable range after it hits par). The range has been around 1.03 for a while now already. Most of the costs of the Cdn operation should be in Cdn$ (no impact from exchange rate fluctuations on those particular costs). The gold price is very rich, both in US$ and Cdn$, and the US$ price is expected to get richer.
Century`s success is entirely about executing with the Quebec operation. As an unhedged gold producer (even with the prepaid Deutsche Bank gold sales agreement) the other business factors (gold price, both organic and external growth opportunities, tremendous exploration upsides, exploration credits in Quebec, accumulated tax loss credits in Canada, etc.) are all set up nicely to support our transition to a high demand gold producer once ``mainstreet`` finally becomes gold crazy. We just need to deliver the goods over the next few months in order to move forward with the transition process.
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