Canadian Movers: TCM, TC, FSY
updated Wednesday, August 26, 3:45 PMAfter the close yesterday, Thompson Creek Metals (TCM.CA) (TC) announced that it entered into an agreement for a bought deal public offering of 15.5 million shares at a price of $14.00 Canadian per share. The Company has also granted to the underwriters an over-allotment option, exercisable for a period of 30 days from the date of closing of the offering, to purchase up to an additional 2.3 million shares at the offering price.
News of the bought-deal financing is driving Thompson Creek Shares lower by almost six percent on the TSX and shares are trading down just about seven on the New York Stock Exchange.
And yesterday afternoon, Forsys Metals (FSY.CA) announced that it has terminated its agreement for a takeover by George Forrest International Afrique. Forsys says that George Forrest has failed to transfer the funds necessary to complete their arrangement and Forsys decided that it was no longer in the best interests of the Company to grant George Forrest any further extensions.
Forsys has also made a demand to George Forrest for payment of the $20 million Canadian Dollar reverse break fee.
News of the termination of the agreement is driving Forsys shares lower in midday trading by almost 19% to $4.30.
For MarketNewsVideo.com, I'm Nichole Dossous.