By Sheri Kasprzak
New York, Feb. 27 - Nayarit Gold Inc. said it has negotiated a private placement for up to C$3 million and at least C$2 million.
The company plans to sell up to 4 million units and at least 2,666,667 units at C$0.75 each.
The units consist of one share and one half-share warrant. The whole warrants are exercisable at C$1.25 each for one year.
Proceeds will be used for exploration on the company's mineral properties in Mexico and for working capital.
Toronto-based Nayarit is a gold exploration company.
| Issuer: | Nayarit Gold Inc.
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| Issue: | Units of one share and one half-share warrant
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| Amount: | C$3 million (maximum); C$2 million (minimum)
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| Units: | 4 million (maximum); 2,666,667 (minimum)
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| Price: | C$0.75
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| Warrants: | One half-share warrant per unit
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| Warrant expiration: | One year
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| Warrant strike price: | C$1.25
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| Placement agent: | Non-brokered
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| Pricing date: | Feb. 27
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| Stock symbol: | TSX Venture: NYG
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| Stock price: | C$0.86 at close Feb. 27
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