By Sheri Kasprzak
New York, Feb. 21 - New Guinea Gold Corp. said it has concluded its previously announced private placement for C$6.57 million.
Ultimately, the company issued 32.85 million units at C$0.20 each.
The units include one share and one warrant. The warrants are exercisable at C$0.30 each for two years.
The deal priced on Jan. 6 as a C$5 million offering of units at the same price. It was upsized to C$7 million on Jan. 17.
Proceeds will be used for the advancement of the company's Sinivit project, for drilling and exploration on the company's other properties in Papua New Guinea and for general corporate purposes.
Separately, the company concluded another private placement for C$430,000. In that offering, the company issued 2.15 million units at C$0.20 each on a non-brokered basis.
Based in Vancouver, B.C., New Guinea is a gold exploration company.
| Issuer: | New Guinea Gold Corp.
|
| Issue: | Units of one share and one warrant
|
| Amount: | C$6.57 million
|
| Units: | 32.85 million
|
| Price: | C$0.20
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.30
|
| Placement agent: | Non-brokered
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| Pricing date: | Jan. 6
|
| Settlement date: | Feb. 20
|
| Stock symbol: | TSX Venture: NGG
|
| Stock price: | C$0.25 at close Jan. 6
|
| Stock price: | C$0.28 at close Feb. 20
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