By Sheri Kasprzak
Atlanta, Nov. 1 - Acadian Gold Corp. said Monday it plans to enter the private placement market with a C$1.2 million offering.
Northern Securities Inc. will be the lead placement agent in the deal, which consists C$600,000 in units of one common share and a half-share purchase warrant at C$0.18 per unit. The whole warrants in the equity units are good for 18 months and allow for the purchase of an additional share at C$0.27.
The deal also includes C$600,000 in flow-through shares at C$0.25 per share.
The offering is scheduled to close Nov. 30.
Northern Securities has been granted an over-allotment option to buy up to 10% of the equity units and flow-through shares issued upon closing. Acadian also has the option to issue an additional 15% of the number of flow-through shares and equity units sold.
Acadian is a Halifax, Nova Scotia-based gold exploration, development and acquisition company. It plans to use the proceeds from the flow-through financing to develop its projects in Nova Scotia and New Brunswick. The funds from the equity units will be used for general corporate purposes.
| Issuer: | Acadian Gold Corp.
|
| Issue: | Equity units and flow-through shares
|
| Amount: | C$1.2 million
|
| Placement agent: | Northern Securities Inc.
|
| Announcement date: | Nov. 1
|
| Settlement date: | Nov. 30
|
| Stock price: | C$0.18 at close Nov. 1
|
|
|
| Equity units
|
| Issue: | Units of one share and a half-share purchase warrant
|
| Amount: | C$600,000
|
| Price: | C$0.18 per unit
|
| Warrants: | One-half share warrant per unit
|
| Warrant expiration: | 18 months
|
| Warrant strike price: | C$0.27
|
|
|
| Flow-through shares
|
| Issue: | Flow-through shares
|
| Amount: | C$600,000
|
| Price: | C$0.25
|
| Warrants: | No
|
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