By Devika Patel
Knoxville, Tenn., Aug. 5 - Kilo Goldmines Ltd. said it raised C$1.04 million in the first tranche of a C$5 million private placement of units. M Partners and Vicarage Capital Ltd. are the lead agents for the deal, which priced July 23.
The company is selling 25 million units at C$0.20 apiece. It sold 5,185,300 units 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.
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Issue: | Units of one common share and a half-share warrant
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Amount: | C$5 million
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Units: | 25 million
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Price: | C$0.20
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Warrants: | One half-share warrant per unit
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Warrant expiration: | Two years
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Warrant strike price: | C$0.30
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Agents: | M Partners and Vicarage Capital Ltd. (leads)
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Pricing date: | July 23
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Settlement date: | Aug. 5 (for C$1,037,060)
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Stock symbol: | TSX Venture: KGL
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Stock price: | C$0.22 at close July 23
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Market capitalization: | C$13.45 million
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