Offering proceeds slated to advance Corcoesto, Enchi gold projects
By Devika Patel
Knoxville, Tenn., June 29 - Edgewater Exploration Ltd. said it completed the second and final tranche of a C$11 million non-brokered private placement of units, raising C$576,000. The deal priced for C$3 million June 2 and was increased to C$7.5 million on June 3. It was again increased on June 6 and the company raised C$10.42 million on June 20.
The company sold 13.75 million units of one common share and a half-share warrant at C$0.80 apiece. It sold 13.03 million units in the first tranche and 720,000 units in the second. Kinross Gold Corp. purchased 625,000 of the units for C$500,000.
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
|
| Investor: | Kinross Gold Corp. (for C$500,000)
|
| Pricing date: | June 2
|
| Upsized: | June 3, June 6
|
| Settlement date: | June 20 (for C$10,424,000), June 29 (for C$576,000)
|
| Stock symbol: | TSX Venture: EDW
|
| Stock price: | C$0.90 at close June 1
|
| Market capitalization: | C$44.64 million
|
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