By Sheri Kasprzak
New York, Oct. 24 - Vangold Resources Ltd. said it has reduced the price and number of units offered under its recently announced private placement.
The company now plans to sell 8 million units at C$0.25 each.
The units are comprised of one share and one warrant. The warrants are exercisable at C$0.35 each for one year.
The deal was first announced Sept. 23 as a C$2.5 million offering of 8,333,333 units at C$0.30 each. The units had been priced at C$0.40 each.
Proceeds from the amended offering will be used for work programs in Papua New Guinea and for exploration and development of oil and gas properties. The rest will be used for working capital.
Based in Vancouver, B.C., Vangold is an oil and natural gas exploration company.
| Issuer: | Vangold Resources Ltd.
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| Issue: | Units of one share and one warrant
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| Amount: | C$2 million
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| Units: | 8 million
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| Price: | C$0.25
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| Warrants: | One warrant per unit
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| Warrant expiration: | One year
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| Warrant strike price: | C$0.35
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| Pricing date: | Sept. 23
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| Amended: | Oct. 21
|
| Stock price: | C$0.33 at close Sept. 23
|
| Stock price: | C$0.33 at close Oct. 21
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