Proceeds slated for exploration, development of Golden Meadows
By Susanna Moon
Chicago, Feb. 26 - Midas Gold Corp. said it arranged a private placement of units for proceeds of about C$10 million. The units will consist of one common share and one half-share warrant.
The company will sell about 11.1 million units at a price of C$0.90 per unit.
Each warrant is exercisable at C$1.20 for two years, with the strike price a 22.45% discount to the company's closing price on Tuesday.
Proceeds will be used for the exploration and development of its Golden Meadows Project in central Idaho and for general working capital purposes.
The financing is set to close in early March.
Midas Gold Corp., through its wholly owned subsidiaries Midas Gold, Inc. and Idaho Gold Resources, LLC, controls a number of gold-antimony-silver deposits in the Stibnite-Yellow Pine district of central Idaho. The company is based in Vancouver, B.C.
| Issuer: | Midas Gold Corp.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | C$10 million
|
| Units: | 11.1 million
|
| Price: | C$0.90
|
| Warrants: | One half-share per unit
|
| Warrant strike price: | C$1.20
|
| Warrant expiration: | Two years
|
| Pricing date: | Feb. 26
|
| Stock symbol: | Toronto: MAX
|
| Stock price: | C$0.98 at close Feb. 25
|
| Market capitalization: | C$119.88 million
|
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