Non-brokered offering slated to fund revised 43-101 Technical Report
By Devika Patel
Knoxville, Tenn., March 5 - Aurvista Gold Corp. said it raised C$1.09 million in the first tranche of a C$1.5 million non-brokered private placement of units. The deal, which priced on Feb. 27, has a C$500,000 greenshoe.
The company is selling 6 million units of one common share and one half-share warrant at C$0.25 per unit. It sold 4,349,000 units in the first tranche.
Each whole warrant will be exercisable at C$0.35, a 22.81% premium to the March 3 closing share price of C$0.285. The warrants expire on March 2, 2014.
Proceeds will be used to issue a revised 43-101 Technical Report with an updated resource estimate based on the winter drilling program. The remaining proceeds will be used for working capital.
The gold explorer is based in Montreal.
| Issuer: | Aurvista Gold Corp.
|
| Issue: | Units of one common share and a half-share warrant
|
| Amount: | C$1.5 million
|
| Greenshoe: | C$500,000
|
| Units: | 6 million
|
| Price: | C$0.25
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | March 2, 2014
|
| Warrant strike price: | C$0.35
|
| Agent: | Non-brokered
|
| Pricing date: | Feb. 27
|
| Settlement date: | March 5 (for C$1,087,250)
|
| Stock symbol: | TSX Venture: AVA
|
| Stock price: | C$0.285 at close March 3
|
| Market capitalization: | C$13.59 million
|
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