By Sheri Kasprzak
Atlanta, March 8 - Majestic Gold Corp. said it has closed a non-brokered private placement for C$3.15 million.
The company sold 4.5 million units at C$0.70 each.
The units are comprised of one share and one warrant. The warrants allow for an additional share at C$0.90 each for two years. The expiry of the warrants will be accelerated to 30 days if the company's closing stock price exceeds C$1.80 per share for 20 consecutive trading days.
Based in Vancouver, B.C., Majestic is a gold exploration company. It plans to use the proceeds for continued exploration on its properties in China. The remainder will be used for working capital.
| Issuer: | Majestic Gold Corp.
|
| Issue: | Units of one share and one warrant
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| Amount: | C$3.15 million
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| Units: | 4.5 million
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| Price: | C$0.70
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| Warrants: | One warrant per unit
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| Warrant expiration: | Two years
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| Warrant strike price: | C$0.90
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| Pricing date: | Jan. 19
|
| Settlement date: | March 7
|
| Stock price: | C$0.74 at close Jan. 19
|
| Stock price: | C$0.87 at close March 7
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