By Devika Patel
Knoxville, Tenn., May 13- Gateway Gold Corp. said it plans a private placement of units for C$1.5 million.
The company will sell 6 million units of one common share and one half-share warrant at C$0.25 per unit. Each whole two-year warrant is exercisable at C$0.35.
The warrants may expire sooner if the company's shares trade at or above a weighted average trading price of C$0.70 for 20 consecutive trading days. In that case, the warrants will expire 30 days after the company notifies holders.
Proceeds will be used for exploration.
Based in Vancouver, B.C., Gateway is a gold exploration company.
| Issuer: | Gateway Gold Corp.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | C$1.5 million
|
| Units: | 6 million
|
| Price: | C$0.25
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.35
|
| Pricing date: | May 13
|
| Stock symbol: | Toronto: GTQ
|
| Stock price: | C$0.27 at close May 12
|
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