Transactions

Peterson McVicar Acts for Probe Metals in $20 Million Bought Deal Private Placement

On March 8, 2022 Probe Metals Inc. (“Probe” or the “Company”) announced that it had closed its previously announced bought deal private placement for aggregate gross proceeds of $20,770,000 (the “Offering”).

 

The Offering was comprised of 6,700,000 flow-through units of the Company (the “Flow-Through Units”) at a price of $3.10 per Flow-Through Unit. Each Flow-Through Unit consists of one common share of the Company issued as a “flow-through share” and one-half of one common share purchase warrant of the Company (each whole common share purchase warrant, a “Warrant”). Each Warrant entitles the holder thereof to acquire one common share of the Company at a price of $2.40 per share for a period of 24-months from the closing of the Offering.

 

The gross proceeds from the Offering will be used to fund exploration on Probe's projects in Quebec. The Offering was completed through a syndicate of underwriters led by Canaccord Genuity Corp., and including Sprott Private Partners, CIBC Capital Markets, BMO Capital Markets, iA Private Wealth, Research Capital Corporation and Laurentian Bank Securities (collectively, the “Underwriters”). In consideration for their services, the Underwriters received a cash commission equal to 6 per cent of the gross proceeds of the Offering. The completion of the Offering is subject to the receipt of all regulatory approvals including the final approval of the TSX Venture Exchange. All securities issued and issuable pursuant to the Offering are subject to a hold period of four months and one day from closing.


Probe Metals Inc. is a leading Canadian gold exploration company focused on the acquisition, exploration and development of highly prospective gold properties. The Company is committed to discovering and developing high-quality gold projects, including its key asset the multimillion-ounce Val-d'Or East Gold Project, Quebec. The Company is well-funded and controls a strategic land package of approximately 1,500-square-kilometres of exploration ground within some of the most prolific gold belts in Quebec. The Company was formed as a result of the $526M sale of Probe Mines Limited to Goldcorp. Eldorado Gold Corporation currently owns approximately 10.4% of the Company.

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