Common shares sold in deal at $0.055 apiece to fund option agreement
By Devika Patel
Knoxville, Tenn., Aug. 30 - Magellan Gold Corp. completed a $63,200 private placement of stock with a single investor on Aug. 28, according to an 8-K filed Thursday with the Securities and Exchange Commission.
The company sold 1,149,091 common shares at $0.055 per share.
Proceeds were used to make the initial payment under the company's option in the agreement with Columbus Silver (US) Corp. Under the agreement, the company may acquire all of Columbus' interest in its Silver District properties in La Paz County, Ariz.
The private company is based in The Sea Ranch, Calif., and explores for gold.
| Issuer: | Magellan Gold Corp.
|
| Issue: | Common stock
|
| Amount: | $63,200
|
| Shares: | 1,149,091
|
| Price: | $0.055
|
| Warrants: | No
|
| Settlement date: | Aug. 28
|
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