18 November, 2009
UPDATE 1-Migao to raise C$30 mln in bought deal
* To issue 4.23 mln shares at C$7.10 apiece
* To use proceeds to develop manufacturing capacity
Nov 18 (Reuters) - Specialty potash fertilizer producer Migao Corp (MGO.TO) said it is selling shares worth C$30 million ($28.46 million), partly to fund the development of specialty potash or related fertilizer manufacturing capacity in China.
The China-based company said it will sell 4.23 million shares to a group of underwriters led by CIBC and Canaccord Capital Corp at C$7.10 apiece, a discount of 7 percent to the stock's Wednesday close of C$7.65.
Migao has granted the underwriters a 30-day option to buy up to an additional 15 percent of the shares at the same price.
The offering is expected to close on or about Dec. 10, the company said in a statement. ($1=1.054 Canadian Dollar) (Reporting by Koustav Samanta in Bangalore; Editing by Deepak Kannan)
Source: http://www.reuters.com
UPDATE 1-Migao to raise C$30 mln in bought deal Added: (18.11.2009)
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