First Resources

First Resources: 75m vendor shares and 15m treasury shares (total 6.1% of shares out), have been placed out at $1.48/sh, at 8% discount to last close at $1.61. The vendor shares are owned by majority sh/h Eight Capital, which stake will fall to 68% post-placement. Rationale for deal is to improve the free float and trading liquidity of the stock. Citi is the sole bookrunner.
Expect near term weakness, though share price could find support at $1.48 (50MA).