By Devika Patel
Knoxville, Tenn., Nov. 9 - Tianshan Goldfields Ltd. announced it will raise A$15.5 million in a private placement of shares.
The company will sell 31 million ordinary shares at A$0.50 per share. The placement will consist of two tranches, with 28 million shares in the first tranche, expected to settle around Nov. 16, and 3 million shares in the second, scheduled to occur by January 2008.
Proceeds will be used to complete feasibility studies and for drilling.
Based in Perth, Western Australia, Tianshan is a gold exploration company.
| Issuer: | Tianshan Goldfields Ltd.
|
| Issue: | Ordinary shares
|
| Amount: | A$15.5 million
|
| Shares: | 31 million
|
| Price: | A$0.50
|
| Warrants: | No
|
| Pricing date: | Nov. 9
|
| Stock symbol: | Australia: TGF
|
| Stock price: | A$0.58 at close Nov. 9
|
|
|
| First tranche
|
| Amount: | A$14 million
|
| Shares: | 28 million
|
| Settlement date: | Nov. 16
|
|
|
| Second tranche
|
| Amount: | A$1.5 million
|
| Shares: | 3 million
|
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