By Laura Lutz
Washington, Feb. 22 - New Guinea Gold Corp. increased the maximum size of its private placement of units to C$5.04 million from C$3.6 million.
The company now plans to sell up to 12 million units of one share and one half-share non-transferable warrant at C$0.42 per unit. Each whole warrant will be exercisable at C$0.55 for two years.
Expiry of the warrants may be accelerated to 30 days if the weighted average trading price of the company's shares is at least C$0.90 for 20 consecutive trading days.
The deal priced on Feb. 19 as an offering of 8 million units on the same terms.
Bolder Investment Partners Ltd. will act as agent.
Proceeds will be used for working capital at the company's Sinivit project, for a second drill at its Imwauna project and for general corporate purposes.
New Guinea is a resource exploration company based in Vancouver, B.C.
| Issuer: | New Guinea Gold Corp.
|
| Issue: | Units of one share and one half-share warrant
|
| Amount: | C$5.04 million
|
| Units: | 12 million
|
| Price: | C$0.42
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.55
|
| Agent: | Bolder Investment Partners Ltd.
|
| Pricing date: | Feb. 19
|
| Upsized: | Feb. 22
|
| Stock symbol: | TSX Venture: NGG
|
| Stock price: | C$0.475 at close Feb. 22
|
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