MineralFields invest C$1 million; proceeds fund exploration activity
By Devika Patel
Knoxville, Tenn., July 11 - Skyline Gold Corp. said it raised C$3 million in the second and final tranche of a C$5.91 non-brokered private placement of units. The deal priced for C$4 million on June 13 and was increased July 11 to C$6 million due to "strong demand." The company raised C$2.91 million in the first tranche on July 8.
The company sold 8,034,750 units of one common share and one half-share warrant at C$0.24 per unit and 14,233,070 flow-through units of one flow-through common share and one half-share warrant at C$0.28 per unit.
Each unit warrant will be exercisable at C$0.35 for two years. Each flow-through unit warrant will be exercisable at C$0.40 for two years. The strike prices reflect 45.83% and 66.67% premiums to the June 10 closing share price of C$0.24.
The company sold 2.54 million units and 8,211,000 flow-through units in the initial tranche. It sold 5,494,750 units and 6,022,070 flow-through units in the second tranche.
MineralFields Group bought 3,571,428 of the flow-through units for C$1 million.
Proceeds will be used for spring and summer exploration activity.
Skyline is a gold exploration company based in Vancouver, B.C.
| Issuer: | Skyline Gold Corp.
|
| Issue: | Units of one common share and one half-share warrant, flow-through units of one flow-through common share and one half-share warrant
|
| Amount: | C$5,913,600
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Agent: | Non-brokered
|
| Investor: | MineralFields Group (for C$1 million)
|
| Pricing date: | June 13
|
| Upsized: | July 11
|
| Settlement dates: | July 8 (for C$2,908,680), July 26 (for C$3,004,920)
|
| Stock symbol: | TSX Venture: SK
|
| Stock price: | C$0.24 at close on June 13
|
| Market capitalization: | C$35.76 million
|
|
|
| Units
|
| Amount: | C$1,928,340
|
| Units: | 8,034,750
|
| Price: | C$0.24
|
| Warrant strike price: | C$0.35
|
|
|
| Flow-through units
|
| Amount: | C$3,985,260
|
| Units: | 14,233,070
|
| Price: | C$0.28
|
| Warrant strike price: | C$0.40
|
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