By Devika Patel
Knoxville, Tenn., Sept. 24 - Novus Gold Corp. said it will conduct a C$2.4 million non-brokered private placement of units via Canaccord Capital Corp.
The company will sell 12 million units at C$0.20 apiece on a commercially reasonable basis. The units consist of one common share and one half-share warrant. Each whole warrant is exercisable at C$0.30 for two years.
There is a C$250,000 greenshoe of 1.25 million units.
Proceeds will be used for property payments and work programs on the company's mineral exploration properties in the Dominican Republic and the Northwest Territories and for working capital.
The gold explorer is based in Vancouver, B.C.
Issuer: | Novus Gold Corp.
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Issue: | Units of one common share and one half-share warrant
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Amount: | C$2.4 million
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Greenshoe: | C$250,000
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Units: | 12 million
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Price: | C$0.20
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Warrants: | One half-share warrant per unit
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Warrant expiration: | Two years
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Warrant strike price: | C$0.30
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Agent: | Canaccord Capital Corp.
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Pricing date: | Sept. 24
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Stock symbol: | NEX: NOV.H
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Stock price: | C$0.20 at close Sept. 24
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