Funds slated for survey, high-grade gold exploration drilling program
By Jennifer Chiou
New York, Oct. 5 - Skyline Gold Corp. announced a private placement of 2.5 million flow-through units at C$0.40 each for proceeds of C$1 million and said the placement was upsized due to investor demand.
Each unit consists of one flow-through common share and one-half of a flow-through common share purchase warrant. Each whole warrant will entitle holders to purchase one additional flow-through share at a price of C$0.60 per share for a period of 18 months.
The units priced at a 14.29% premium to the C$0.35 per share closing price of the company's stock on Tuesday. The warrant exercise price is a 71.43% premium to the same figure.
According to a company release, the warrants contain an accelerator clause in which Skyline will have the right to accelerate the expiry date of the warrants if the closing price of its shares is greater than or equal to C$0.90 for a period of 10 consecutive trading days.
Proceeds will go toward a deep IP survey and investigating the high-grade gold showing on the Snip-1 tenure and the Snip Gold Mine/Bronson Creek gold basin.
Based in Richmond, B.C., Skyline Gold is a mineral exploration and development company engaged in the exploration for high-grade gold deposits and development of its Bronson Slope project at the Snip Gold Mine camp in British Columbia's Golden Triangle.
| Issuer: | Skyline Gold Corp.
|
| Issue: | Units of one flow-through common share and one-half flow-through share purchase warrant
|
| Amount: | C$1 million
|
| Units: | 2.5 million
|
| Price: | C$0.40
|
| Warrants: | One-half flow-through share warrant per unit
|
| Warrant expiration: | 18 months
|
| Warrant strike price: | C$0.60
|
| Agent: | Non-brokered
|
| Pricing date: | Oct. 5
|
| Stock symbol: | TSX Venture: SK
|
| Stock price: | C$0.35 at close Oct. 5
|
| Market capitalization: | C$39.38 million
|
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