Funds slated for survey, high-grade gold exploration drilling program
By Devika Patel
Knoxville, Tenn., Nov. 8 - Skyline Gold Corp. said it completed the final tranche of a private placement of flow-through units. The deal priced for C$500,000 on Oct. 1, but the company subsequently increased the offering on Oct. 5 and Oct. 15; it raised C$245,000 on Oct. 15 and C$676,000 on Oct. 26.
The company sold units of one flow-through common share and one half-share warrant at C$0.40 each for C$1.13 million. It sold 525,000 units in this tranche for C$210,000.
Each whole warrant is exercisable for one additional flow-through share at C$0.60 for 18 months.
The units priced at a 17.65% premium to the C$0.34 closing share price of the company's stock on Sept. 30. The warrant exercise price is a 76.47% premium to the same figure.
According to a company release, the warrants contain an accelerator clause in which Skyline will have the right to accelerate the expiry date of the warrants if the closing price of its shares is greater than or equal to C$0.90 for a period of 10 consecutive trading days.
Proceeds will go toward a deep IP survey and investigating the high-grade gold showing on the Snip-1 tenure and the Snip Gold Mine/Bronson Creek gold basin.
Based in Richmond, B.C., Skyline Gold is a mineral exploration and development company engaged in the exploration for high-grade gold deposits and development of its Bronson Slope project at the Snip Gold Mine camp in British Columbia's Golden Triangle.
| Issuer: | Skyline Gold Corp.
|
| Issue: | Units of one flow-through common share and one half-share flow-through warrant
|
| Amount: | C$1,131,000
|
| Price: | C$0.40
|
| Warrants: | One half-share flow-through warrant per unit
|
| Warrant expiration: | 18 months
|
| Warrant strike price: | C$0.60
|
| Agent: | Non-brokered
|
| Pricing date: | Oct. 1
|
| Upsized: | Oct. 5, Oct. 15
|
| Settlement date: | Oct. 15 (for C$245,000), Oct. 26 (for C$676,000), Nov. 8 (for C$210,000)
|
| Stock symbol: | TSX Venture: SK
|
| Stock price: | C$0.35 at close Oct. 1
|
| Market capitalization: | C$38.15 million
|
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