Rubicon Minerals Corporation closed its bought-deal financing of 74,290,000 units (the Units), which included the exercise of the over-allotment option in full, at an offering price of $1.55 per Unit (the Offering) for aggregate gross proceeds to the company of approximately $115 million.
Each Unit consisted of one common share (a Share) and one-half of one common share purchase warrant (each whole common share purchase warrant, a Warrant) of the company, with each Warrant entitling the holder thereof to acquire, subject to adjustment in certain circumstances, one Share in the capital of the Company at a price of $2 until Mar. 12, 2015.
The Offering was conducted by a syndicate of underwriters co-led by TD Securities Inc. and BMO Capital Markets, and included National Bank Financial Inc., Scotia Capital Inc., Mackie Research Capital Corporation, Canaccord Genuity Corp., and Desjardins Securities Inc.
The Units were offered by way of a short form prospectus in all of the provinces of Canada pursuant to National Instrument 44-101 Short Form Prospectus Distributions and in the US pursuant to a registration statement on Form -10 filed with the U.S. Securities and Exchange Commission under the Canada/US multi-jurisdictional disclosure system.
The company plans to use the net proceeds from the Offering to further develop the Phoenix Gold Project.
Davis LLP acted as Canadian counsel to Rubicon with a team led by David Reid and included Ruby Chan, Melissa Mitchell, Rob Seidel, Marc Philibert and Paul Lailey.
Dorsey & Whitney acted as US counsel to Rubicon with a team that was led by Randal Jones, and included John Hollinrake (tax), Peter Skrief, Clint Foss and Jenn Hu (capital markets).
Cassels Brock & Blackwell LLP acted as Canadian counsel to the underwriters with a team including Chad Accursi, Nancy Choi, Chad Aboud, Chris Norton and Michael Platt.
Skadden, Arps, Slate, Meagher & Flom LLP acted as US counsel to the underwriters with a team including, in Toronto, Riccardo Leofanti, Michael Acedo and Ryan Hickey (corporate); in Washington, Elizabeth Malone (environmental), Eric Sensenbrenner and Jared Binstock (tax); and Daniel Baich (corporate) in New York.
Translation services for the offering documents were provided by Lavery, de Billy, L.L.P. with a team led by Jean-François Lauzon, Director of Translation Services, under the supervision of Marc Rochefort.