October 10: Dalradian Resources (TSX:DNA; AIM:DALR) is raising C$84.75 million (approximately £51 million) from two new strategic investors – Orion Mine Finance II LP and Osisko Gold Royalties Ltd.
Orion will make an investment of C$50 million to acquire 34.0 million shares at a price of C$1.47/share and Osisko will make an investment of C$28.25 million to acquire 19.2 million shares at the same price in terms of a non-brokered private placement, which is expected to by close 30 November 2017.
In addition, Osisko plans to exercise 6.25 million warrants immediately at a price of C$1.04/warrant, for receipts to Dalradian of C$6.5 million.
Upon closing of the placement, Orion’s and Osisko’s respective interests in the company will be 9.75% and 9.1%.
The company has stated that it intends to use the proceeds for general working capital purposes.