Receipts convert to units of a common share and one five-year warrant
By Devika Patel
Knoxville, Tenn., May 15 - Legend Gold Corp. said it plans a C$6 million non-brokered private placement of subscription receipts with affiliates of Sprott Inc.
The company will sell 20 million receipts at C$0.30 apiece on a best-efforts basis.
Each receipt will be exchangeable for one unit of a common share and one warrant. The warrants will each be exercisable at C$0.55 for five years.
The strike price reflects an 816.67% premium to the May 14 closing share price of C$0.06.
Toronto-based Legend is a gold exploration company.
| Issuer: | Legend Gold Corp.
|
| Issue: | Subscription receipts convertible into units of a common share and one warrant
|
| Amount: | C$6 million
|
| Receipts: | 20 million
|
| Price: | C$0.30
|
| Warrants: | One warrant per unit upon conversion
|
| Warrant expiration: | Five years
|
| Warrant strike price: | C$0.55
|
| Agent: | Non-brokered
|
| Investors: | Sprott Inc.
|
| Pricing date: | May 15
|
| Stock symbol: | TSX Venture: LGN
|
| Stock price: | C$0.06 at close May 14
|
| Market capitalization: | C$4.42 million
|
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