Two types of units sold via Industrial Alliance to finance exploration
By Devika Patel
Knoxville, Tenn., Aug. 31 - Golden Valley Mines Ltd. said it has arranged a C$1.23 million private placement of units. Industrial Alliance Securities Inc. is the agent for the deal, which has a 15% greenshoe.
The company will sell 4,027,777 flow-through units of one flow-through common share and one half-share warrant at C$0.18 per unit.
The company also will sell 3,333,333 non flow-through units of one common share and one warrant at C$0.15 per unit.
The whole warrants are exercisable at C$0.20 each for 18 months. The strike price is a 33.33% premium to the Aug. 30 closing share price of C$0.15.
Proceeds will be used for exploration and general corporate purposes.
Based in Montreal, Golden Valley is a junior mining exploration company with a focus on early stage exploration projects. It owns about 131 exploration properties.
| Issuer: | Golden Valley Mines Ltd.
|
| Issue: | Flow-through units of one flow-through common share and one half-share warrant, non flow-through units of one common share and one warrant
|
| Amount: | C$1,225,000
|
| Greenshoe: | 15%
|
| Warrant expiration: | 18 months
|
| Warrant strike price: | C$0.20
|
| Agent: | Industrial Alliance Securities Inc.
|
| Pricing date: | Aug. 31
|
| Stock symbol: | TSX Venture: GZZ
|
| Stock price: | C$0.15 at close Aug. 30
|
| Market capitalization: | C$10.22 million
|
|
|
| Flow-through units
|
| Amount: | C$725,000
|
| Units: | 4,027,777
|
| Price: | C$0.18
|
| Warrants: | One half-share warrant per unit
|
|
|
| Non flow-through units
|
| Amount: | C$500,000
|
| Units: | 3,333,333
|
| Price: | C$0.15
|
| Warrants: | One warrant per unit
|
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