Non-brokered offering raises funds for drilling, mineral exploration
By Devika Patel
Knoxville, Tenn., Sept. 26 - Glass Earth Gold Ltd. said it raised C$2.6 million in the initial tranche of a C$5 million non-brokered private placement of units. The deal priced Sept. 16.
The company is selling about 9.1 million units of one common share and one half-share warrant at C$0.55 per unit. It sold 4,717,184 units in the first tranche.
Each whole warrant will be exercisable at C$0.80 for two years. The strike price represents a 26.98% premium to the C$0.63 closing share price on Sept. 15.
Proceeds will be used for drilling, mineral exploration and general working capital purposes.
The gold mining exploration and development company is based in Toronto.
Issuer: | Glass Earth Gold Ltd.
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Issue: | Units of one common share and one half-share warrant
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Amount: | C$5 million
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Units: | 9.1 million (approximate)
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Price: | C$0.55
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Warrants: | One half-share warrant per unit
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Warrant expiration: | Two years
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Warrant strike price: | C$0.80
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Agent: | Non-brokered
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Pricing date: | Sept. 16
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Settlement date: | Sept. 26 (for C$2,594,451)
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Stock symbol: | TSX Venture: GEL
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Stock price: | C$0.63 at close Sept. 15
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Market capitalization: | C$24 million
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