By Sheri Kasprzak
New York, Dec. 12 - New Gold Inc. said it plans to raise C$4 million in a private placement.
The non-brokered offering includes 500,000 flow-through shares at C$8.00 each, an 11% premium to the company's closing stock price of C$7.16 on Dec. 9.
Proceeds will be used for underground and surface exploration at the company's New Afton and Ajax copper-gold projects in Kamloops, B.C. in January.
Based in Vancouver, B.C., New Gold, formerly known as DRC Resources Corp., is a gold and diamond exploration company.
| Issuer: | New Gold Inc.
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| Issue: | Flow-through shares
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| Amount: | C$4 million
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| Shares: | 500,000
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| Price: | C$8.00
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| Warrants: | No
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| Placement agent: | Non-brokered
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| Pricing date: | Dec. 12
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| Stock price: | C$7.16 at close Dec. 9
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