Offering comes on heels of C$10.41 million subscription receipts sale
By Devika Patel
Knoxville, Tenn., Sept. 29 - Edgewater Exploration Ltd. said it plans a non-brokered private placement of 5.2 million units to raise C$5.2 million.
The company raised C$10.41 million in a separate placement of subscription receipts in August.
The company will sell the units at C$1.00 apiece. The units consist of one common share and a half-share warrant, with each whole warrant exercisable at C$1.40 for three years. The strike price represents a 22.81% premium over the Sept. 28 closing share price of C$1.14.
Proceeds will be used for expenditures on the Enchi Gold Project in Ghana and the Corcoesto Gold Project in Spain and for general working capital.
Based in Vancouver, B.C., Edgewater owns mineral exploration properties.
| Issuer: | Edgewater Exploration Ltd.
|
| Issue: | Units of one common share and a half-share warrant
|
| Amount: | C$5.2 million
|
| Units: | 5.2 million
|
| Price: | C$1.00
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Three years
|
| Warrant strike price: | C$1.40
|
| Agent: | Non-brokered
|
| Pricing date: | Sept. 29
|
| Stock symbol: | TSX Venture: EDW
|
| Stock price: | C$1.14 at close Sept. 28
|
| Market capitalization: | C$30.86 million
|
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