Proceeds from offering will be used for development of Nixon Fork mine
By Devika Patel
Knoxville, Tenn., Aug. 10 - Fire River Gold Corp. said it raised C$5.75 million in the initial tranche of a C$10 million private placement of units. The deal was announced July 19 and is being conducted by BayFront Capital Partners Ltd.
The company is selling units of one common share and one warrant at C$0.065 per unit. It sold 88,417,458 units in the first tranche.
Each warrant is exercisable at C$0.10 for five years. The strike price reflects an 11.11% premium to the Aug. 9 closing share price of C$0.09.
Proceeds will be used for development of the company's Nixon Fork mine, repaying debt and general working capital.
Vancouver, B.C.-based Fire River Gold is a gold explorer.
| Issuer: | Fire River Gold Corp.
|
| Issue: | Units of one common share and a warrant
|
| Amount: | C$10 million
|
| Price: | C$0.065
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Five years
|
| Warrant strike price: | C$0.10
|
| Agent: | BayFront Capital Partners Ltd.
|
| Announcement date: | July 19
|
| Settlement date: | Aug. 10 (for C$5,747,135)
|
| Stock symbol: | TSX Venture: FAU
|
| Stock price: | C$0.09 at close Aug. 9
|
| Market capitalization: | C$9.22 million
|
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