By Devika Patel
Knoxville, Tenn., July 9 - Nayarit Gold Inc. announced it is increasing a private placement of units to C$10.02 million from C$7 million. The deal priced May 27.
The company will now sell up to 17.9 million units at C$0.56 apiece. It originally planned to sell up to 12.5 million units.
Each unit consists of one common share and a warrant. The two-year warrants are exercisable at C$0.75.
BMO Capital Markets is lead agent of a syndicate of agents, which also includes Evergreen Capital Partners Inc. and GMP Securities LP. Evergreen originally was the lead agent.
Settlement is expected July 24.
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$10,024,000
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Units: | 17.9 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: | BMO Capital Markets (lead), Evergreen Capital Partners Inc., GMP Securities LP
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Pricing date: | May 27
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Upsized: | July 9
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Settlement date: | July 24
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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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