Non-brokered deal now sells 10,891,069 common shares at C$2.91 apiece
By Devika Patel
Knoxville, Tenn., April 16 - Guyana Goldfields Inc. said it increased a non-brokered private placement of stock to C$31.69 million from C$24.42 million. The deal priced on April 11.
The company will now sell 10,891,069 common shares at C$2.91 apiece, which is identical to the April 10 closing share price.
Settlement is expected April 24.
The Baupost Group, LLC will invest C$22.96 million, and chief executive officer, interim president and chief operating officer Patrick Sheridan. Jr. will invest C$1.46 million. Franklin Advisers, Inc. will invest about C$7.28 million.
Proceeds will be used for the company's 2012 strategic plans and for exploration of its portfolio of gold exploration properties in Guyana.
"We are excited to have a large institutional investor as a partner, and it reaffirms our viewpoint that the Aurora Gold Project continues to be a robust asset," Sheridan said in a press release at pricing. "This provides us with a strong capital position to produce a revised feasibility study."
Toronto-based Guyana Goldfields is a gold explorer.
| Issuer: | Guyana Goldfields Inc.
|
| Issue: | Common shares
|
| Amount: | C$31,693,011
|
| Shares: | 10,891,069
|
| Price: | C$2.91
|
| Warrants: | No
|
| Agent: | Non-brokered
|
| Investors: | Baupost Group, LLC (for C$22,963,011), Patrick Sheridan. Jr. (for C$1,455,000), Franklin Advisers, Inc. (for approximately C$7,275,000)
|
| Pricing date: | April 11
|
| Upsized: | April 16
|
| Settlement date: | April 24
|
| Stock symbol: | Toronto: GUY
|
| Stock price: | C$2.91 at close April 10
|
| Market capitalization: | C$260.12 million
|
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