By Sheri Kasprzak
Atlanta, Nov. 29 - Acadian Gold Corp. said Friday it has increased the size of its previously announced private placement for a total of C$2.32 million.
The company will issue up to 9,555,555 units at C$0.18 each. The units consist of one share and one half-share warrant.
The whole warrants are exercisable at C$0.27 for 18 months.
The company will also issue 2.4 million flow-through shares at C$0.25 for C$600,000.
The company originally announced the deal Nov. 1 as a C$1.12 million offering of 6,222,222 units under the same terms.
Under the amended offering, placement agent Northern Securities Inc. has the option to issue an additional 15% of the flow-through shares and equity units sold in the deal. The over-allotment option must be exercised before Dec. 31.
The current offering is expected to close Nov. 30.
Based in Halifax, N.S., Acadian is a gold acquisition, exploration and development company. It plans to use the proceeds from the flow-through shares to develop projects in Nova Scotia and New Brunswick. The proceeds from the units will be used for general corporate purposes.
| Issuer: | Acadian Gold Corp.
|
| Issue: | Units and flow-through shares
|
| Amount: | C$2.32 million
|
| Placement agent: | Northern Securities Inc.
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| Announcement date: | Nov. 1
|
| Amended: | Nov. 26
|
| Stock price: | C$0.18 at close Nov. 1
|
| Stock price: | C$0.22 at close Nov. 26
|
|
|
| Units
|
| Issue: | Units of one share and one half-share warrant
|
| Shares: | 9,555,555 units (increased from 6,222,222 units)
|
| Price: | C$0.18
|
| Warrants: | One half-share warrant per unit
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| Warrant expiration: | 18 months
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| Warrant strike price: | C$0.27
|
|
|
| Flow-through shares
|
| Issue: | Flow-through shares
|
| Shares: | 2.4 million
|
| Price: | C$0.25
|
| Warrants: | No
|
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