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30/11/2010 00:00 AST
Western Potash Corp (WPX.V: Quote) said on Monday it plans to raise about C$40 million ($39.2 million) in an equity offering to help finance its Milestone potash project in the western Canadian province of Saskatchewan.
The Canadian exploration company also said it would apply to list its common shares on the Toronto Stock Exchange within 30 days after the offering closes, which is expected around Dec. 14.
Vancouver-based Western Potash said Mackie Research and Scotia Capital Markets agreed to be co-lead underwriters for the offering.
While about C$20 million will be raised via a bought deal offering, the underwriters will separately attempt to raise the remainder on a best-efforts basis, the company said.
In a bought deal an underwriter, or syndicate buys shares from an issuer before selling them on to the public, thereby reducing the risk and uncertainty for the issuer.
The underwriters agreed to buy 18.1 million units from Western Potash at a price of C$1.10 each.
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Reuters
| Ticker | Price | Volume |
|---|
| Index | Closing | Change |
|---|---|---|
| NIKKEI 225 | 36,581.76 | -251.51 (-0.68 |
| DAX | 18,699.40 | 181.01 (0.97 |
| S&P 500 | 5,626.02 | 30.26 (0.54 |
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