Great Republic Mining (CSE:GRM) Corp said it has completed its initial public offering (IPO) of 7.86 million common shares, of which 360,000 shares were sold under an overallotment option, at a price of 10 cents per share for gross proceeds of $786,000.
The shares were listed on the Canadian Securities Exchange on June 7, 2022, and immediately halted pending closing of the IPO. The shares are expected to resume trading on June 9, 2022, under the symbol GRM.
The company said the net proceeds from the IPO will be used to carry out exploration of the company's project, the Porcher property, located in the northwest part of British Columbia on Porcher Island. The net proceeds will also be used to make payments under the option agreement in respect of the Porcher property, for general and administrative purposes, and for working capital.
Haywood Securities Inc acted as agent for the IPO. The agent received a cash commission equal to 10% of the gross proceeds raised under the IPO and a corporate finance fee, in addition to the reimbursement of certain expenses.
Additionally, the company granted the agent and members of its selling group non-transferable agent's compensation options entitling the holder to purchase an aggregate of 550,200 shares at a price of 10 cents per share, exercisable on or before June 8, 2024.
Great Republic Mining is engaged in the business of acquiring and exploring mineral resource properties. The company has an option to acquire a 100% interest in the Porcher property, which is composed of nine contiguous mineral titles covering an area of 3,560.4 hectares in the northwest part of British Columbia, Canada, approximately 40 kilometres southwest of the city of Prince Rupert on Porcher Island.
Contact the author at jon.hopkins@proactiveinvestors.com