By Sheri Kasprzak
Atlanta, Oct. 18 - IGC Resources Inc. wrapped up a C$1.5 million private placement Monday, the company said.
In the deal, 3.75 million units of one share and one-half a non-transferable warrant were sold at C$0.40 per unit.
The warrants allow investors to buy shares at C$0.45 for two years.
The shares and warrants are subject to a hold period until Feb. 15, 2005.
IGC is a Vancouver, B.C., gold exploration company. The company plans to use the funds from the financing to pay the first installment of C$750,000 for its acquisition of Goldport Property Ltd., to fund program and scoping studies on a gold project and to provide general working capital.
| Issuer: | IGC Resources Inc.
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| Issue: | Units of one share and ½ non-transferable warrant
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| Amount: | C$1.5 million
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| Shares: | 3.75 million units
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| Price: | C$0.40 per unit
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| Warrants: | ½ warrant per unit
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| Warrant expiration: | Two years
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| Warrant strike price: | C$0.45
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| Settlement date: | Oct. 18
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| Announcement date: | Aug. 27
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| Stock price: | C$0.35 at close Aug. 27
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