By Devika Patel
Knoxville, Tenn., Dec. 13 - ValGold Resources Ltd. announced that it raised C$1.98 million in a non-brokered private placement of units. The deal priced on Nov. 1 for C$3.5 million.
The company sold units at C$0.35 apiece. It planned to sell up to 10 million units at that price. 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 paid a 7% finder's fee in cash, or C$66,395, to certain finders and issued 271,000 non-transferable options, or 10%. 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 an international 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$1.98 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: | C$66,395 in cash, 271,000 finder's options
|
| Pricing date: | Nov. 1
|
| Settlement date: | Dec. 13
|
| Stock symbol: | TSX Venture: VAL
|
| Stock price: | C$0.33 at close Oct. 31
|
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