By Laura Lutz
Des Moines, April 19 - Q-Gold Resources Ltd. settled a private placement of units for C$1,202,500, down from the C$1.25 million size announced when the deal priced on March 14.
The company sold 4.81 million units of one share and one half-share warrant at C$0.25 per unit. Each whole warrant will be exercisable at C$0.35 for two years.
MineralFields Group subscribed for C$902,500.
Most of the proceeds will be used for dewatering and re-entry of the company's past-producing Foley gold mine to conduct underground exploration. A portion of the proceeds will also be used for drilling.
The placement was non-brokered.
Q-Gold is a gold mining company based in Flagstaff, Ariz.
Issuer: | Q-Gold Resources Ltd.
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Issue: | Units of one share and one half-share warrant
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Amount: | C$1,202,500
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Units: | 4.81 million
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Price: | C$0.25
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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$0.35
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Investor: | MineralFields Group (for C$902,500)
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Agent: | Non-brokered
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Pricing date: | March 14
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Settlement date: | April 19
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Stock price: | TSX Venture: QAU
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Stock symbol: | C$0.245 at close March 13
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Stock price: | C$0.215 at close April 18
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