Ivanhoe’s Kipushi zinc mine in the DRC officially reopens
The restart marked exactly a century since the mine first went into production.
Lakeside Steel Inc. (TSX-V: LS) (“Lakeside Steel” or the “Company”) today announced that it has completed its bought deal short-form prospectus offering of 44,275,000 common shares (the “Common Shares”) at a price of $0.52 per Common Share for total gross proceeds of $23,023,000 (the “Offering”). The Offering includes the exercise of the underwriters’ over-allotment option in full.
The Common Shares were issued pursuant to the Company’s short form prospectus dated May 13, 2011, and the Offering was sold on a bought deal basis by a syndicate led by Cormark Securities Inc. and including Northern Securities Inc. and Canaccord Genuity Corp. (together, the “Underwriters”). In connection with the Offering, the Underwriters were paid a cash commission equal to 6% of the gross proceeds received by the Company in respect of the Offering.
Vic Alboini, Chairman and Chief Executive Officer of the Company commented: “Lakeside Steel has raised $44 million in two short-form prospectus offerings over the past 7 months to finance our growth and development in Canada and the U.S. We are pleased to have an increasingly diversified and expanded shareholder base.”
The Company plans to use the net proceeds of the Offering to fund the expansion of the new end-finishing and heat treatment facility announced on April 28, 2011, and for general corporate and working capital purposes.
Ron Bedard, President and Chief Operating Officer of the Company commented: “The successful completion of the Offering will allow us to construct a state of the art end-finishing and heat treatment facility in Thomasville, Alabama. Once operational, our new facilities in Alabama will position Lakeside Steel to produce high value-added products for our customers as well as complement our existing modern manufacturing assets.”
About Lakeside Steel Inc.
Lakeside Steel is a 2011 TSX Venture Exchange 50 company and the parent company of Lakeside Steel Corporation (“Lakeside”). Lakeside, located in Welland, Ontario, is a diversified steel pipe and tubing manufacturer with a focus on manufacturing and upgrading Oil Country Tubular Goods. Lakeside’s list of customers includes large oil and gas end users as well as distributors across North America.
Lakeside Steel also indirectly wholly-owns Lakeside Steel Alabama which will be a diversified steel pipe manufacturer strategically situated in the southern United States on successful completion of the construction of the new facility in Thomasville, Alabama. Construction of the Alabama facility is currently underway.
