TransactionsStonegate Closes $43.75 Million Secondary Offering by Sprott Resource Corp.Published: 03/10/2011 By Jay F. King, Christopher B. Norton, Paul M. Stein, Jennifer Traub On March 9, 2011, Stonegate Agricom Ltd. (the “Company” or “Stonegate”) closed a bought deal secondary offering of 25,000,000 common shares of the Company by Sprott Resource Corp. (“Sprott”) at a price of $1.75 per common share for aggregate gross proceeds to Sprott of $43,750,000. The Company did not receive any of the proceeds from the offering. The offering was completed by a syndicate of underwriters led by GMP Securities L.P., and including BMO Capital Markets Inc., Scotia Capital Inc., Canaccord Genuity Corp., Cormark Securities Inc., Mackie Research Capital Corporation, National Bank Financial Inc., Stonecap Securities Inc., Northern Securities Inc. and Octagon Capital Corporation. The underwriters continue to have an over-allotment option, exercisable for a period of 30 days from the closing of the offering, to purchase up to an additional 3,750,000 of common shares of the Company from Sprott at a price of $1.75 per common share. Cassels Brock acted for Stonegate with a team that included Paul Stein (Securities/Mining), Jennifer Traub (Securities/Mining), Jay F. King (Securities/Mining), Simon Flood (Securities) and Chris Norton (Tax). Stonegate, a company engaged in acquiring and developing agricultural nutrient projects, is currently focused on developing phosphate deposits located in Peru and Idaho. |