Coeur d'Alene offers 25 mln shares at $4.50 each
Thu Nov 18, 2004 07:48 PM ET
NEW YORK, Nov 18 (Reuters) - Coeur d'Alene Mines Corp. (CDE.N: Quote, Profile, Research) , one of the world's largest producers of silver and a large producer of gold, on Thursday said it raised a gross $112.5 million from a public offering of 25 million shares at $4.50 each.
The Coeur d'Alene, Idaho-based company said it expects to receive net proceeds of about $106.9 million. It said on Nov. 12 it intended to use net proceeds to fund exploration, development and drilling, or to fund potential acquisitions, or for general corporate purposes. It said it may offer an additional 2.5 million shares to meet demand.
The company had 213.3 million shares outstanding as of Nov. 4, according to its quarterly report.
CIBC World Markets and J.P. Morgan are arranging the offering. Coeur d'Alene shares fell 12 cents to $4.52 in Thursday trading on the New York Stock Exchange.
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