By Angela McDaniels
Tacoma, Wash., July 6 - Eskay Mining Corp. said it raised an additional C$550,000 in the third tranche of a private placement of units, bringing the total amount sold to C$2.92 million.
The company said on June 4 that it would sell C$2.5 million of flow-through units and C$1.5 million of working capital units for a total of C$4 million.
On June 23, it increased the amount of flow-through units to be sold to C$3 million, bringing the placement size to C$4.5 million.
The company is selling 12 million flow-through units at C$0.25 apiece. Each flow-through unit consists of one flow-through common share and one half-share warrant. Each whole warrant is exercisable at C$0.45 for two years.
The company sold 8.2 million flow-through units in the first tranche for C$2.05 million, 416,000 in the second tranche for C$104,000 and 2.2 million in the third tranche for C$550,000.
The company is also selling 7.5 million working capital units at C$0.20 apiece. Each working capital unit consists of one common share and one warrant. Each warrant is exercisable at C$0.40 for two years.
Eskay Mining sold 960,050 working capital units in the first tranche for C$192,010, 100,000 in the second tranche for C$20,000 and none in the third tranche.
Proceeds will be used for exploration and working capital.
The gold and precious metals exploration and development company is based in Surrey, B.C.
| Issuer: | Eskay Mining Corp.
|
| Issue: | Flow-through units of one flow-through common share and one half-share warrant, working capital units of one common share and one warrant
|
| Amount: | C$4.5 million
|
| Warrant expiration: | Two years
|
| Pricing date: | June 4
|
| Settlement dates: | June 11 (for C$2,242,010); June 23 (for C$124,000); July 5 (for C$550,000)
|
| Stock symbol: | TSX Venture: ESK
|
| Stock price: | C$0.25 at close June 4
|
| Market capitalization: | C$15.4 million
|
|
|
| Flow-through units
|
| Amount: | C$3 million
|
| Units: | 12 million
|
| Price: | C$0.25
|
| Warrants: | One half-share warrant per unit
|
| Warrant strike price: | C$0.45
|
|
|
| Working capital units
|
| Amount: | C$1.5 million
|
| Units: | 7.5 million
|
| Price: | C$0.20
|
| Warrants: | One warrant per unit
|
| Warrant strike price: | C$0.40
|
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