Non-brokered offering to finance exploration, general working capital
By Devika Patel
Knoxville, Tenn., Feb. 22 - Compass Gold Corp. said it has increased a non-brokered private placement of units. The deal priced for C$1.2 million on Jan. 20 and will now raise C$2 million.
The company will now sell 16,666,666 units at C$0.12 apiece. Each unit consists of one common share and one half-share warrant. The whole warrants are each exercisable at C$0.20 until April 12, 2012. The strike price reflects a 53.85% premium to the Jan. 19 closing share price of C$0.13.
Proceeds will be used for exploration and general working capital.
Compass Gold, based in Vancouver, B.C., was engaged in mineral exploration but is currently inactive.
| Issuer: | Compass Gold Corp.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | C$2 million
|
| Units: | 16,666,666
|
| Price: | C$0.12
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | April 12, 2012
|
| Warrant strike price: | C$0.20
|
| Agent: | Non-brokered
|
| Pricing date: | Jan. 20
|
| Upsized: | Feb. 22
|
| Stock symbol: | TSX Venture: CVB
|
| Stock price: | C$0.13 at close Jan. 20
|
| Market capitalization: | C$4.11 million
|
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