By Devika Patel
Knoxville, Tenn., Sept. 23 - Etruscan Resources Inc. said it negotiated a $43 million private placement of stock.
The company will sell common shares at C$0.30 apiece to Endeavour Financial Corp.
Proceeds will be used to repurchase gold call options, to repay unsecured convertible debt and for working capital purposes.
Etruscan, based in Windsor, N.S., is a gold exploration and development company.
Issuer: | Etruscan Resources Inc.
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Issue: | Common shares
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Amount: | $43 million
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Price: | C$0.30
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Warrants: | No
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Investor: | Endeavour Financial Corp.
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Pricing date: | Sept. 23
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Stock symbol: | Toronto: EET
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Stock price: | C$0.39 at close Sept. 22
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Market capitalization: | C$56.3 million
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