Probe Metals (OTCMKTS:PROBF) (TSXV:PRB) Stock Falls 12% In a Month: Company Announces Private Placement
Probe Metals (OTCMKTS:PROBF) (TSXV: PRB) is down 12% in a month. The company has signed a C$15 million bought deal financing with a Canaccord Genuity led a syndicate of underwriters. The company will offer around 4.84 million flow-through units at C$3.1 per unit.
Market Stats
On Monday, PROBF stock moved up 0.43% to $1.50 with more than 119k shares, compared to its average volume of 27K shares. The stock moved within a range of $1.4388 – 1.5129 after opening trading at $1.4388.
Probe Metals to raise C$15M in bought deal private placement
Notably, each unit comprises one ordinary share and half of a common share purchase warrant. A whole unit is exercisable at C$2.4 for each share. The company expects to close the transaction on March 8, 2022, subject to customary closing conditions and necessary regulatory clearances.
Additionally, underwriters have been given an overallotment option to buy another 726,000 units. Each option will be exercisable in part or in full any time to around two days before the closing date. Gross proceeds from the transaction will be deployed to incur necessary “Canadian exploration expenses” termed necessary flow-through mining expenses and exploration before the year ends in Quebec. Therefore, in the coming weeks, investors should keep an eye on PROBF.
Traders Corner
PROBF stock is below the 20-Day and 50-Day Moving averages of $1.54 and $1.54 respectively. The stock is trading in the neutral zone with the RSI at 46.
