By Devika Patel
Knoxville, Tenn., July 25 - Nayarit Gold Inc. said it completed a private placement of units, raising C$10.02 million. The deal priced for C$7 million May 27 and was increased on July 9.
The company sold 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 was the lead agent of a syndicate of agents that also included Evergreen Capital Partners Inc. and GMP Securities LP. Evergreen originally was the lead agent.
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 25
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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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