15% convertible unsecured subordinated debentures sold with warrants
By Devika Patel
Knoxville, Tenn., April 17 - Mahdia Gold Corp. said it raised about C$1.02 million in a private placement of units.
The company sold units at C$1,000 per unit. The units consist of one C$1,000 15% convertible unsecured subordinated debenture and 600 warrants.
Proceeds were used to fulfill the company's 2013 payment obligation to the Guyana Geology and Mines Commission for the Omai property.
"We are pleased to receive these very timely funds," president and chief executive officer Andre J. Douchane said in a press release.
"The company has used the net proceeds of the offering to fulfill its 2013 payment obligation to the Guyana Geology and Mines Commission for the Omai property. Mahdia is currently getting small scale production from its test work on the alluvial deposit and will expand its capability and returns.
"The company will continue to define the recoverable gold in the resident placer deposits and move forward with the evaluation of the low-grade stock piles left by previous producers and other areas of discovered, but unexploited placer gold deposits within the property."
Mahdia is a gold exploration company based in Mississauga, Ont.
| Issuer: | Mahdia Gold Corp.
|
| Issue: | Units of C$1,000 in convertible unsecured subordinated debentures and 600 warrants
|
| Amount: | C$1.02 million (approximate)
|
| Price: | C$1,000
|
| Warrants: | 600 warrants per unit
|
| Settlement date: | April 17
|
| Stock symbol: | CNSX: MGD
|
| Stock price: | C$0.13 at close April 16
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