Deal finances exploration and evaluation programs, working capital
By Devika Patel
Knoxville, Tenn., Oct. 3 - Alloy Resources Ltd. said it negotiated a A$1 million private placement of stock.
The company will sell 40 million ordinary shares at A$0.025 per share. The price per share is a 16.67% discount to the Sept. 30 closing share price of A$0.03.
Proceeds will be used for exploration and evaluation programs at the company's Horse Well Gold Project and Cootamundra Project and as working capital.
Alloy is a West Perth, Australia-based gold exploration company.
Issuer: | Alloy Resources Ltd.
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Issue: | Ordinary shares
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Amount: | A$1 million
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Shares: | 40 million
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Price: | A$0.025
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Warrants: | No
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Pricing date: | Oct. 3
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Stock symbol: | Australia: AYR
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Stock price: | A$0.03 at close Oct. 3
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Market capitalization: | A$3.76 million
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