...Galan now Patriot, whose next? LTR?
...discounted CR is only what lithium developers/explorers holders can expect
...they create excitement to push prices higher before revealing a CR. Common tactic.
Patriot Battery Metals in $44m capital raise; Euroz, Argonaut on hand
Sarah Thompson, Kanika Sood and Emma Rapaport
May 20, 2024 – 10.48am
Stockbrokers Euroz Hartleys and Argonaut Securities were rounding up Aussie investors for dual-listed Patriot Battery Metals on Monday morning, less than a week after it shelved plans to explore downstream lithium partnerships with global giant Albemarle.
Patriot was seeking $44 million to fund its exploration activities at Corvette Property in Quebec, according to a term sheet seen by Street Talk. The offer price was pegged at 85¢ per CDI, a 14.6 per cent discount to the company’s last traded price and 3.6 per cent lower than the five-day VWAP.
The raise was structured as a Canadian flow-through placement, with PearTree Securities acting as the selling agent. Euroz Hartleys was mandated as the sole global coordinator, while Argonaut was a joint lead manager and joint bookrunner. Raymond James is the North American lead agent.
Under the wider deal, Patriot would issue about 5.16 million flow-through shares at a $C14.54 issue price, representing a 51 per cent premium to their close on the Toronto stock exchange. On completion, a slice is to be converted to CDIs, necessitating Monday’s morning’s secondary sale in Australia.
The company had chalked in an investor webinar at 8:45am, Perth time for the Australian investors. The book would shut 2pm Monday for funds in the Southern Hemisphere.
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