By Laura Lutz
Washington, Feb. 22 - Nayarit Gold Inc. settled a downsized private placement of units for C$1,968,050.
The company sold 2,811,500 units of one share and one half-share warrant at C$0.70 per unit. The whole warrants are exercisable at C$1.00 each for one year.
The deal priced on Jan. 12 as an offering of up to 3 million units, and at least 1,071,428 units, for up to C$2.1 million.
Proceeds will be used for exploration on the company's properties in Mexico. The rest will be used for working capital. The company may also use some proceeds for acquisitions of properties complementary to its business.
Toronto-based Nayarit is a gold exploration company.
| Issuer: | Nayarit Gold Inc.
|
| Issue: | Units of one share and one half-share warrant
|
| Amount: | C$1,968,050
|
| Units: | 2,811,500
|
| Price: | C$0.70
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | One year
|
| Warrant strike price: | C$1.00
|
| Placement agent: | Non-brokered
|
| Pricing date: | Jan. 12
|
| Settlement date: | Feb. 22
|
| Stock symbol: | TSX Venture: NYG
|
| Stock price: | C$0.73 at close Jan. 12
|
| Stock price: | C$0.70 at close Feb. 22
|
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