By Devika Patel
Knoxville, Tenn., May 27 - Gold Canyon Resources Ltd. said it plans a C$2 million private placement of units.
The company will sell 6.25 million units at C$0.32 apiece. Each unit consists of one flow-through common share and one half-share warrant, with each whole warrant exercisable at C$0.42 for two years.
Proceeds will be used for exploration on Gold Canyon's Springpole Gold Project.
Gold Canyon is a mineral and precious metals exploration company based in Vancouver, B.C.
| Issuer: | Gold Canyon Resources Ltd.
|
| Issue: | Units of one flow-through common share and one half-share warrant
|
| Amount: | C$2 million
|
| Units: | 6.25 million
|
| Price: | C$0.32
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.42
|
| Pricing date: | May 27
|
| Stock symbol: | TSX Venture: GCU
|
| Stock price: | C$0.27 at close May 26
|
| Market capitalization: | C$16.9 million
|
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