Proceeds of non-brokered deal will be used to advance gold production
By Devika Patel
Knoxville, Tenn., Nov. 9 - New Dawn Mining Corp. announced it completed a non-brokered private placement of stock.
The company sold 4,178,250 common shares at C$1.80 per share for C$7.52 million. The price per share reflects an 11.11% premium to the Nov. 8 closing share price of C$1.62.
Proceeds will be used for general working capital purposes and to advance gold production and mine development at the company's three gold camps in Zimbabwe. In particular, the proceeds will be used in part to fund the working capital requirements of Central African Gold plc, as well as to expand gold production at Central African Gold's gold mining operations in Zimbabwe.
New Dawn Mining is a precious metals explorer in Toronto.
| Issuer: | New Dawn Mining Corp.
|
| Issue: | Common stock
|
| Amount: | C$7,520,850
|
| Units: | 4,178,250
|
| Price: | C$1.80
|
| Warrants: | No
|
| Agent: | Non-brokered
|
| Settlement date: | Nov. 9
|
| Stock symbol: | Toronto: ND
|
| Stock price: | C$1.72 at close Nov. 9
|
| Market capitalization: | C$65.41 million
|
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