By Sheri Kasprzak
New York, Sept. 19 - Michelago Ltd. said it plans to raise A$8.2 million from the private placement of shares.
The offering includes 164 million shares at A$0.05 each.
The deal will be closed in two tranches. The first tranche will consist of 115 million shares for A$5.75 million and the second will consist of 49 million shares for A$2.45 million.
Austock Corporate Finance Ltd. is the placement agent for the offering.
The proceeds will be used to increase its interest in the Biogold joint venture to 99% from 82% and to repay debt related to increasing its interest in Biogold to 82%. The rest will be used for working capital.
In other news, Michelago said it has instituted a share purchase plan under which its qualified shareholders may buy up to A$500,000 in shares at A$0.05 each.
The proceeds from the share purchase plan will be used for working capital.
Based in Sydney, Australia, Michelago is a gold exploration company.
| Issuer: | Michelago Ltd.
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| Issue: | Stock
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| Amount: | A$8.2 million
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| Shares: | 164 million
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| Price: | A$0.05
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| Warrants: | No
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| Placement agent: | Austock Capital Finance Ltd.
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| Pricing date: | Sept. 19
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| Stock price: | A$0.055 at close Sept. 19
|
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