Offering proceeds slated to advance Corcoesto, Enchi gold projects
By Devika Patel
Knoxville, Tenn., June 6 - Edgewater Exploration Ltd. said it again increased a non-brokered private placement of units to C$11 million from C$7.5 million. The deal priced June 2 and was increased from the original C$3 million on June 3.
The company will now sell 13.75 million units of one common share and a half-share warrant at C$0.80 apiece. Each whole warrant will be exercisable at C$1.10 for two years. The strike price represents a 22.22% premium over the June 1 closing share price of C$0.90.
Proceeds will be used to advance the company's Corcoesto Gold Project and the Enchi Gold Project and for general working capital.
Based in Vancouver, B.C., Edgewater explores for precious metals.
| Issuer: | Edgewater Exploration Ltd.
|
| Issue: | Units of one common share and a half-share warrant
|
| Amount: | C$11 million
|
| Units: | 13.75 million
|
| Price: | C$0.80
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$1.10
|
| Agent: | Non-brokered
|
| Pricing date: | June 2
|
| Upsized: | June 3, June 6
|
| Stock symbol: | TSX Venture: EDW
|
| Stock price: | C$0.90 at close June 1
|
| Market capitalization: | C$45.35 million
|
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