Company will issue up to 23.5 million units, flow-through units
By Angela McDaniels
Tacoma, Wash., May 26 - Duncastle Gold Corp. plans to issue up to 23.5 million units in two non-brokered private placements for total proceeds of C$1.31 million, according to a company news release.
The company plans to issue up to 13.5 million flow-through units at a price of C$0.06 each to raise C$810,000.
Each flow-through unit will consist of one flow-through common share and one half-share warrant. Each whole warrant will be exercisable for one non-flow-through common share at an strike price of C$0.10 for two years. The strike price is a 66.67% premium to the company's C$0.06 closing share price on May 25.
The company also plans to issue up to 10 million non-flow-through units at a price of C$0.05 each to raise C$500,000.
Each non-flow-through unit will consist of one non-flow-through common share and one warrant.
Proceeds will be used for drilling and field work at the Porphyry Creek project in British Columbia and working capital.
Duncastle Gold is a mineral exploration company based in Vancouver, B.C., with a gold-copper focus.
| Issuer: | Duncastle Gold Corp.
|
| Issue: | Flow-through units, non-flow-through units
|
| Amount: | Up to C$1.31 million
|
| Units: | Up to 23.5 million
|
| Warrants: | Each whole warrant exercisable for one non-flow-through share
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.10
|
| Agent: | Non-brokered
|
| Pricing date: | May 26
|
| Stock symbol: | TSX Venture: DUN
|
| Stock price: | C$0.055 at close May 26
|
| Market capitalization: | C$3.56 million
|
|
|
| Flow-through units
|
| Issue: | Units of one flow-through common share and one half-share warrant
|
| Amount: | C$810,000
|
| Units: | 13.5 million
|
| Price: | C$0.06
|
|
|
| Non-flow-through units
|
| Issue: | Units of one non-flow-through share and one warrant
|
| Amount: | C$500,000
|
| Units: | 10 million
|
| Price: | C$0.05
|
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