June 07, 2007
Aberdeen International Inc. (TSX-V:AAB) completed a private placement financing of subscription receipts in connection with its transition to a mining investment company. The total offering was for 75,000,000 Subscription Receipts at a price of $0.80 per Subscription Receipt for gross proceeds of $60 million. Aberdeen intends to use the net proceeds from the Offering to become a publicly traded global resource investment vehicle that can capitalize on the track record of success of its management in the resources industry and for general corporate purposes. The gross proceeds of the Offering will be held in escrow and will be released upon satisfaction of certain conditions. Upon satisfaction of the escrow release conditions, each Subscription Receipt will be automatically converted into one Unit, each Unit being comprised of one common share in the capital of the Company and one-half of one common share purchase warrant. Each warrant will be exercisable for one common share of the Company at a price of $1.00 per common share until June 6, 2012.A syndicate of agents led by Orion Securities Inc. and including GMP Securities L.P. acted as agents in respect of the Offering on a "best efforts" basis.
Wildeboer Dellelce LLP acted for the agents with a team that included Robert Wortzman and Ashleigh Frankel (corporate/securities).