By Laura Lutz
Des Moines, June 11 - Hy Lake Gold Inc. arranged a private placement of units for C$8 million.
The company plans to sell C$5 million of flow-through units at C$1.25 each and C$3 million of non flow-through units at C$1.00 each.
The flow-through units will each consist of one flow-through share and one half-share series A warrant. Each series A warrant will be exercisable for one non flow-through share at C$1.50 for two years.
The non flow-through units will each consist of one non flow-through share and one half-share series B warrant. Each series B warrant will be exercisable for one non flow-through share at C$1.25 for two years.
Expiry of both series of warrants may be accelerated to 30 days if the company's shares close at or above C$2.00 for 10 consecutive trading days at any time more than six months after closing.
Northfield Capital Corp. and a public institutional investor will be the lead investors in the placement.
The offering will be non-brokered.
Hy Lake is a gold exploration and development company based in Toronto.
| Issuer: | Hy Lake Gold Inc.
|
| Issue: | Units of one flow-through share and one half-share series A warrant; units of one non flow-through share and one half-share series B warrant
|
| Amount: | C$8 million
|
| Agent: | Non-brokered
|
| Investors: | Northfield Capital Corp. (lead), others
|
| Pricing date: | June 11
|
| Stock symbol: | CNQ: HYLK
|
| Stock price: | C$1.05 at close June 8
|
|
|
| Flow-through units
|
| Amount: | C$5 million
|
| Price: | C$1.25
|
| Warrants: | One half-share series A warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$1.50
|
|
|
| Non flow-through units
|
| Amount: | C$3 million
|
| Price: | C$1.00
|
| Warrants: | One half-share series B warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$1.25
|
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