Proceeds slated for exploration, engineering study, debt repayment
By Angela McDaniels
Tacoma, Wash., Oct. 25 - Navigator Resources Ltd. raised A$11 million in a private placement arranged and managed by BGF Equities, according to a company news release.
The company sold 50 million shares for A$0.22 each, which is a 12% discount to its closing share price of A$0.25 on Oct. 22.
The placement will settle in two tranches of A$5.5 million each. The first is expected to settle by Nov. 1, and the second will be subject to shareholder approval at a meeting scheduled for Nov. 26.
The proceeds will be used for exploration, the early repayment of some outstanding debt, general working capital and to fund an engineering study.
Navigator Resources is a gold producer based in West Perth, Australia.
| Issuer: | Navigator Resources Ltd.
|
| Issue: | Ordinary shares
|
| Amount: | A$11 million
|
| Shares: | 50 million
|
| Price: | A$0.22
|
| Warrants: | No
|
| Agent: | BGF Equities
|
| Pricing date: | Oct. 25
|
| Stock symbol: | Australia: NAV
|
| Stock price: | A$0.23 at close Oct. 25
|
| Market capitalization: | A$93.16 million
|
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