New Issue: Nayarit Gold raises C$2.27 million in private placement of units

By Devika Patel

Knoxville, Tenn., Jan. 11 - Nayarit Gold Inc. said it settled a C$2.27 million non-brokered private placement of units. The deal priced for C$2.2 million on Jan. 2.

The company sold 5,682,500 units, up slightly from its planned sale of up to 5.5 million units, at C$0.40 apiece. Each unit consists of one common share and a warrant. The two-year warrants are exercisable at C$0.60 for the first year and at C$0.70 thereafter.

The company paid a C$9,100 cash commission and issued 27,300 warrants for this deal.

Proceeds will be used for exploration and general working capital.

Toronto-based Nayarit is a gold exploration company.

Issuer:	Nayarit Gold Inc.
Issue:	Units of one common share and a warrant
Amount:	C$2,273,000
Units:	5,682,500
Price:	C$0.40
Warrants:	One warrant per unit
Warrant expiration:	Two years
Warrant strike price:	C$0.60 for the first year, C$0.70 thereafter
Agent:	Non-brokered
Fees:	C$9,100 in cash, 27,300 warrants
Pricing date:	Jan. 2
Settlement date:	Jan. 11
Stock symbol:	TSX Venture: NYG
Stock price:	C$0.44 at close Dec. 31

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