By Devika Patel
Knoxville, Tenn., May 27 - Nayarit Gold Inc. announced it plans to raise up to C$7 million in a private placement of units with lead agent Evergreen Capital Partners Inc.
The company will sell up to 12.5 million units at C$0.56 apiece. Each unit consists of one common share and a warrant. The two-year warrants are exercisable at C$0.75.
Proceeds will be used to fund the purchase of seven additional mining claims in the Orion Gold-Silver Mining District and for mineral exploration and working capital purposes.
Toronto-based Nayarit is a gold exploration company.
Issuer: | Nayarit Gold Inc.
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Issue: | Units of one common share and a warrant
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Amount: | C$7 million
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Units: | 12.5 million
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Price: | C$0.56
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Warrants: | One warrant per unit
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Warrant expiration: | Two years
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Warrant strike price: | C$0.75
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Agent: | Evergreen Capital Partners Inc. (lead)
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Pricing date: | May 27
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Stock symbol: | TSX Venture: NYG
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Stock price: | C$0.64 at close May 26
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