McWatters will buy
Similarly, McWatters has agreed to issue $14 million worth of shares at 20 apiece to Soquem to cover part of its proposed acquisition of the Quebec Crown corporation’s 40% stake in the Sigma-Lamaque mine and mill complex.
The balance of the Sigma acquisition comprises $20 million in cash on closing and $2 million two years later. On closing, McWatters will also issue Soquem $2.8 million worth of shares to repay previous advances.
The deal’s underwriters have been granted an option, exercisable prior to closing, in early April, to buy an additional 25 million shares at the same price. Also available for a month after closing is an over-allotment option for another 22.5 million shares.
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