Oversubscribed offering's proceeds intended to fund gold exploration
By Devika Patel
Knoxville, Tenn., March 14 - Northern Tiger Resources Inc. said it completed a private placement of stock. The deal priced for C$3 million on Feb. 14 and raised C$4.74 million through agent Casimir Capital Ltd.
The company sold 8,622,200 flow-through common shares at C$0.55 apiece. The price represents an 18.28% premium to C$0.465, the Feb. 11 closing share price.
Proceeds will be used for exploration.
"We are pleased to be closing another significantly oversubscribed private placement," president Greg Hayes said in a press release. "We are now very well financed to follow up our high-grade gold discovery at 3Ace with an aggressive 2011 exploration program, as well as continue to advance our other promising Yukon projects."
The resource exploration company is based in Calgary, Alta.
| Issuer: | Northern Tiger Resources Inc.
|
| Issue: | Flow-through common stock
|
| Amount: | C$4,742,210
|
| Shares: | 8,622,200
|
| Price: | C$0.55
|
| Warrants: | No
|
| Agent: | Casimir Capital Ltd.
|
| Pricing date: | Feb. 14
|
| Settlement date: | March 14
|
| Stock symbol: | TSX Venture: NTR
|
| Stock price: | C$0.47 at close Feb. 14
|
| Market capitalization: | C$22.24 million
|
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