By Devika Patel
Knoxville, Tenn., Sept. 27- New Guinea Gold Corp. announced it plans to raise C$1.25 million in a non-brokered private placement of units.
The company will sell 2,500,000 units at C$0.50 apiece. Each unit will consist of one common share and one half-share warrant. Each whole warrant is exercisable at C$0.65 for two years.
The company will pay a finder's fee of 7% in cash and warrants to Bolder Investment Partners Ltd. The warrants will have the same terms as those sold in the deal.
Proceeds will be used to accelerate mine development at Sinivit 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 common share and one half-share warrant
|
| Amount: | C$1.25 million
|
| Units: | 2,500,000
|
| Price: | C$0.50
|
| Warrants: | One half-warrant per unit
|
| Warrant strike price: | C$0.65
|
| Warrant expiration: | Two years
|
| Fees: | 7% in cash and warrants
|
| Pricing date: | Sept. 27
|
| Stock symbol: | TSX Venture: NGG
|
| Stock price: | C$0.57 at close Sept. 26
|
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