Deal helps company pay off C$2.6 million convertible held by Malaga
By Devika Patel
Knoxville, Tenn., Dec. 20 - Dynacor Gold Mines Inc. said it completed a private placement of units. The deal raised C$4.5 million.
The company sold 4,285,383 units at C$1.05 apiece. Each unit consists of one share and one half-share warrant. Each whole warrant will be exercisable at C$1.50 until Dec. 20, 2012. The strike price reflects a 19.05% premium to the Dec. 17 closing share price of C$1.26.
Proceeds were used to repay all C$2.6 million of the convertible note held by Malaga Inc.
Dynacor is a gold exploration and mining company based in Montreal.
| Issuer: | Dynacor Gold Mines Inc.
|
| Issue: | Units of one share and one half-share warrant
|
| Amount: | C$4,499,652
|
| Units: | 4,285,383
|
| Price: | C$1.05
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Dec. 20, 2012
|
| Warrant strike price: | C$1.50
|
| Settlement date: | Dec. 20
|
| Stock symbol: | Toronto: DNG
|
| Stock price: | C$1.33 at close Dec. 20
|
| Market capitalization: | C$40.18 million
|
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