Deal funds drilling and field work at company's Porphyry Creek project
By Devika Patel
Knoxville, Tenn., June 9 - Duncastle Gold Corp. said it settled a C$600,000 tranche of a non-brokered private placement of units. The deal priced for C$1.31 million on May 26.
The company is selling 13.5 million flow-through units of one common share and one half-share warrant at C$0.06 per unit and 10 million units of one common share and one warrant at C$0.05 per unit.
Duncastle Gold sold 10 million flow-through units in the first tranche.
Each whole warrant will be exercisable at C$0.10 for two years. The strike price is a 66.67% premium to the company's C$0.06 closing share price on May 25.
Proceeds will be used for drilling and field work at the Porphyry Creek project in British Columbia and working capital.
Duncastle Gold is a mineral exploration company based in Vancouver, B.C., with a gold-copper focus.
| Issuer: | Duncastle Gold Corp.
|
| Issue: | Flow-through units of one flow-through common share and one half-share warrant, units of one common share and one warrant
|
| Amount: | C$1.31 million
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.10
|
| Agent: | Non-brokered
|
| Pricing date: | May 26
|
| Settlement date: | June 9 (for C$600,000)
|
| Stock symbol: | TSX Venture: DUN
|
| Stock price: | C$0.055 at close May 26
|
| Market capitalization: | C$3.89 million
|
|
|
| Flow-through units
|
| Amount: | C$810,000
|
| Units: | 13.5 million
|
| Price: | C$0.06
|
| Warrants: | One half-share warrant per unit
|
|
|
|
|
| Units
|
| Amount: | C$500,000
|
| Units: | 10 million
|
| Price: | C$0.05
|
| Warrants: | One warrant per unit
|
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