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Message: Financing

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Financing

posted on Oct 24, 11 04:38PM (Log in to use the IP Check tool) ^[?]

Probe Mines Ltd
Symbol	C : PRB
Shares Issued	56,670,980
Close 2011-10-21	C$ 2.23
Recent Sedar Documents

Probe Mines arranges $5.1-million bought-deal financing

2011-10-24 16:26 ET - News Release

Mr. David Palmer reports

PROBE MINES ANNOUNCES C$5 MILLION BOUGHT DEAL FINANCING

Probe Mines Ltd. has entered into an agreement with a syndicate of underwriters led by BMO Capital Markets, under which the underwriters have agreed to buy on a bought-deal basis by way of private placement 2.1 million flow-through common shares of the company, at a price of $2.45 per flow-through common share for gross proceeds of $5,145,000. In addition, the company has also granted the underwriters an option, exercisable up to 48 hours prior to the closing of the offering, to purchase up to an additional 4.1 million flow-through common shares for gross proceeds of $10,045,000.

The gross proceeds from the offering will be used for Canadian exploration expenses (within the meaning of the Income Tax Act (Canada)), and the company will use its best efforts to ensure that such Canadian Exploration Expenses qualify as a flow-through mining expenditure for purposes of the Income Tax Act (Canada), related to the exploration of the company's exploration projects. The company will renounce such CEE with an effective date of no later than Dec. 31, 2011.

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