Brokered private placement marketed by M Partners and Vicarage Capital
By Devika Patel
Knoxville, Tenn., Oct. 7 - Kilo Goldmines Ltd. said it completed the third and final tranche of a private placement of units. M Partners and Vicarage Capital Ltd. were the lead agents for the C$5 million deal, which priced July 23.
The company raised C$1.04 million on Aug. 5 and took in C$300,000 in the second tranche on Aug. 25. It raised C$3.66 million in the final tranche.
The company sold a total of 25 million units at C$0.20 apiece. It sold 5,185,300 units in the first closing and 1.5 million units in the second tranche, with 18,314,700 units sold in this tranche. Each unit consists of one common share and a half-share warrant.
Each full warrant is exercisable at C$0.30 for two years. The strike price represents a 30.43% premium to the July 22 closing share price of C$0.23.
Proceeds will be used for exploration, working capital and general corporate purposes.
The gold exploration and development company is based in Toronto.
| Issuer: | Kilo Goldmines Ltd.
|
| Issue: | Units of one common share and a half-share warrant
|
| Amount: | C$5 million
|
| Units: | 25 million
|
| Price: | C$0.20
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.30
|
| Agents: | M Partners and Vicarage Capital Ltd. (leads)
|
| Pricing date: | July 23
|
| Settlement dates: | Aug. 5 (for C$1,037,060), Aug. 25 (for C$300,000), Oct. 7 (for C$3,662,940)
|
| Stock symbol: | TSX Venture: KGL
|
| Stock price: | C$0.22 at close July 23
|
| Market capitalization: | C$17.61 million
|
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