On February 22, 2007, Migao Corporation, a leading China-based specialty potash fertilizer producer, announced the successful closing of its previously announced bought deal private placement financing with a syndicate of underwriters co-led by Research Capital Corporation and CIBC World Markets Inc. and including Clarus Securities Inc., Jennings Capital Inc. and Canaccord Adams Inc.
By way of the private placement, 6,025,000 Units of Migao were issued at a price of $4.15 per Unit for aggregate gross proceeds of approximately $25 million including the underwriters fully exercised option to purchase an additional 1,205,000 Units. Each Unit consists of one common share of Migao and one-half of one common share purchase warrant.
The underwriters were represented by Fasken Martineau with a team that included Rubin Rapuch and Amanda Field (corporate/securities) in Toronto and Edmond Luke (corporate/Asia Pacific) in Vancouver.