Funds to be used for exploration and development at Eagle Gold Project
By Devika Patel
Knoxville, Tenn., April 21 – Victoria Gold Corp. said on Wednesday that it arranged a C$24 million non-brokered private placement of units with Electrum Strategic Opportunities Fund LP and Sun Valley Gold LLC.
The company will sell 80 million units of one common share and one half-share warrant at C$0.30 per unit.
Each whole three-year warrant is exercisable at C$0.40, a 21.21% premium to the April 19 closing share price of C$0.33.
The reference price from which the units price was derived is the closing price of the stock on April 15, C$0.315, the company said in a press release.
Electrum will invest C$18 million and Sun Valley will invest C$6 million.
Proceeds will be used for exploration and development of Victoria's Eagle Gold Project in Yukon.
Victoria Gold is a gold exploration company based in Toronto.
| Issuer: | Victoria Gold Corp.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | C$24 million
|
| Units: | 80 million
|
| Price: | C$0.30
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Three years
|
| Warrant strike price: | C$0.40
|
| Agent: | Non-brokered
|
| Investors: | Electrum Strategic Opportunities Fund LP (for C$18 million) and Sun Valley Gold LLC (for C$6 million)
|
| Pricing date: | April 20
|
| Stock symbol: | TSX Venture: VIT
|
| Stock price: | C$0.33 at close April 19
|
| Market capitalization: | C$133.61 million
|
|
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
