By Laura Lutz
Des Moines, June 26 - Tagish Lake Gold Corp. arranged a C$10 million private placement of units with investor Wega Mining ASA.
Wega plans to buy 50 million units of one share and one warrant for C$0.20 per unit. Each warrant will be exercisable at C$0.30 for two years.
The placement will be conducted in two tranches. The first, for C$2 million, is expected to settle upon approval from the TSX Venture Exchange. The second tranche, for C$8 million, is expected to close on Aug. 9.
Tagish will use the proceeds to complete an exploration and feasibility program on its Skukum Creek project.
Following settlement of the full placement, but without exercise of any of the warrants, Wega will own about 35% of the outstanding shares of Tagish.
Tagish is a gold and silver exploration company based in Vancouver, B.C.
| Issuer: | Tagish Lake Gold Corp.
|
| Issue: | Units of one share and one warrant
|
| Amount: | C$10 million
|
| Units: | 50 million
|
| Price: | C$0.20
|
| Warrants: | One per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.30
|
| Investor: | Wega Mining ASA
|
| Pricing date: | June 26
|
| Settlement date: | Aug. 9 (for C$8 million final tranche)
|
| Stock symbol: | TSX Venture: TLG
|
| Stock price: | C$0.19 at close June 25
|
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