By Devika Patel
Knoxville, Tenn., March 5 - Nayarit Gold Inc. announced it plans to raise up to C$10 million in a private placement of units.
The company will sell up to 20 million units at C$0.50 apiece on a best-efforts basis. Each unit consists of one common share and a half-share warrant. The whole warrants are exercisable at C$0.75 for two years.
Jennings Capital Inc. and BMO Capital Markets have been retained as lead agents for the deal.
Proceeds will be used for exploration and development, and general and working capital purposes.
Toronto-based Nayarit is a gold exploration company.
| Issuer: | Nayarit Gold Inc.
|
| Issue: | Units of one common share and a half-share warrant
|
| Amount: | C$10 million
|
| Units: | 20 million
|
| Price: | C$0.50
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.65
|
| Agent: | Jennings Capital Inc. and BMO Capital Markets (lead)
|
| Pricing date: | March 5
|
| Stock symbol: | TSX Venture: NYG
|
| Stock price: | C$0.65 at close March 5
|
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