By Sheri Kasprzak
Atlanta, March 15 - Canyon Resources Corp. said it has raised $3,823,417 in a direct placement of units.
The company sold 5,302,932 units at $0.721 each.
The units were comprised of one share and one half-share warrant. The whole warrants provide for an additional share at $1.03 each from Sept. 22, 2005 through March 14, 2008.
The shares associated with the units were sold under Canyon Resources' shelf registration.
Based in Golden, Colo., Canyon is a gold and silver exploration company. It plans to use the proceeds for general corporate purposes, including funding engineering and drilling at its Hycroft Mine.
| Issuer: | Canyon Resources Corp.
|
| Issue: | Units of one share and one half-share warrant
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| Amount: | $3,823,417
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| Units: | 5,302,932
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| Price: | $0.721
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | March 14, 2008
|
| Warrant strike price: | $1.03
|
| Settlement date: | March 15
|
| Stock price: | $0.73 at close March 15
|
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