Non-brokered offering funds Black Raven Gold project, working capital
By Devika Patel
Knoxville, Tenn., March 29 - Entourage Metals Ltd. said it revised a non-brokered private placement to sell C$1 million of units instead of C$2.03 million of common shares. The deal priced on Feb. 14.
The company will now sell 2.5 million units of one common share and a half-share warrant at C$0.40 per unit. It previously planned to sell 4.5 million common shares for C$0.45 each.
Each whole warrant is exercisable at C$0.60 for two years. The strike price is a 20% premium to C$0.50, the Feb. 13 closing share price.
Proceeds will be used to advance the company's Black Raven High Grade Gold project, for its projects in the Hemlo region of Ontario and for general working capital.
Entourage is a Vancouver, B.C.-based gold exploration company.
| Issuer: | Entourage Metals Ltd.
|
| Issue: | Units of one common share and a half-share warrant
|
| Amount: | C$1 million
|
| Shares: | 2.5 million
|
| Price: | C$0.40
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.60
|
| Agent: | Non-brokered
|
| Pricing date: | Feb. 14
|
| Revised: | March 29
|
| Stock symbol: | TSX Venture: EMT
|
| Stock price: | C$0.50 at close Feb. 13
|
| Market capitalization: | C$9.25 million
|
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