Teck completes private placement

A private placement agreement between Teck (TSE) and Prime Equities (VSE) was recently completed with the sale of four million Prime shares at a price of $1.25 per share.

Along with the private placement, Teck was granted an option to purchase an additional six million shares at prices up to $3.25 before the end of 1993, and the right to appoint two directors to Prime’s board.

The major also has various rights of first refusal and options to provide production financing. Prime Equities Chairman Murray Pezim called Teck “the premier mining company in Canada,” and said the private placement marked the beginning of a “long and mutually profitable relationship.”