Offering finances exploration, development of Saskatchewan projects
By Devika Patel
Knoxville, Tenn., March 30 - La Ronge Gold Corp. said it has settled a C$5.25 million private placement of units and stock. The deal priced for C$5.06 million March 13 and was increased to C$5.51 million on March 15.
The company sold 7,135,500 units of one common share and one half-share warrant at C$0.55 per unit and 2,046,500 flow-through common shares at C$0.65 per share.
Each whole two-year warrant will be exercisable at C$0.70, which is an 18.64% premium to C$0.59, the closing share price on March 12. The price per flow-through common share is a 10.17% premium to that price.
The offering was conducted on a commercially reasonable efforts basis by Canaccord Genuity Corp.
Proceeds will be used for exploration and development of the company's Saskatchewan projects and for general working capital purposes.
The gold explorer is based in Vancouver, B.C.
| Issuer: | La Ronge Gold Corp.
|
| Issue: | Units of one common share and one half-share warrant, flow-through common shares
|
| Amount: | C$5,254,750
|
| Agent: | Canaccord Genuity Corp.
|
| Pricing date: | March 13
|
| Upsized: | March 15
|
| Settlement date: | March 30
|
| Stock symbol: | TSX Venture: LAR
|
| Stock price: | C$0.59 at close March 12
|
| Market capitalization: | C$12.33 million
|
|
|
| Units
|
| Amount: | C$3,924,525
|
| Units: | 7,135,500
|
| Price: | C$0.55
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.70
|
|
|
| Shares
|
| Amount: | C$1,330,225
|
| Shares: | 2,046,500
|
| Price: | C$0.65
|
| Warrants: | No
|
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