By Devika Patel
Knoxville, Tenn., Nov. 1 - ValGold Resources Ltd. announced that it plans to raise C$3.5 million in a non-brokered private placement of units.
The company will sell up to 10 million units at C$0.35 apiece. Each unit consists of one common share and one half-share warrant. Each whole warrant is exercisable at C$0.60 for two years.
ValGold may pay a 7% finder's fee in cash and a number of non-transferable options equal to 10% of the number of units sold. Each two-year finder's option will be exercisable for a unit at C$0.35 apiece. Each finder's unit will consist of one common share and one half-share warrant, with each whole two-year finder's warrant exercisable at C$0.60.
Proceeds will be used for exploration and general working capital.
Vancouver, B.C.-based ValGold is a mining development company focused on exploring high-value targets in a portfolio of properties in the Guiana Shield of South America.
| Issuer: | ValGold Resources Ltd.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | C$3.5 million
|
| Units: | 10 million
|
| Price: | C$0.35
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.60
|
| Agent: | Non-brokered
|
| Fees: | 7% in cash, 10% in finder's options
|
| Pricing date: | Nov. 1
|
| Stock symbol: | TSX Venture: VAL
|
| Stock price: | C$0.33 at close Oct. 31
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
