By Devika Patel
Knoxville, Tenn., Jan. 22 - Vencan Gold Corp. announced it has settled a non-brokered private placement of units, raising C$305,000 and a brokered placement for C$1.38 million, for total proceeds of C$1.68 million.
The company sold a total of 16.8 million units at C$0.10 apiece. Of those units, 13.75 million were sold in the brokered deal and 3.05 million were part of the non-brokered deal.
The units consisted of one flow-through share and one half-share warrant. Each whole warrant will be exercisable at C$0.13 for 18 months.
Mineral Fields Group bought 10 million units for C$1 million and insiders bought 2.75 million units for C$275,000.
The company paid C$91,250 in finder's fees and issued broker options to acquire 962,500 units at C$0.10 per unit for 18 months.
Proceeds will be used for exploration.
Vencan, based in Toronto, is a gold exploration company.
| Issuer: | Vencan Gold Corp.
|
| Issue: | Units of one flow-through share and one half-share warrant
|
| Amount: | C$1.68 million
|
| Units: | 16.8 million
|
| Price: | C$0.10
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | 18 months
|
| Warrant strike price: | C$0.13
|
| Investor: | Mineral Fields Group (for C$1 million)
|
| Fees: | C$91,250, 962,500 broker options
|
| Settlement date: | Jan. 21
|
| Stock symbol: | TSX Venture: VCG
|
| Stock price: | C$0.08 at close Jan. 21
|
|
|
| Brokered deal
|
| Amount: | C$1,375,000
|
| Units: | 13.75 million
|
|
|
| Non-brokered deal
|
| Amount: | C$305,000
|
| Units: | 3.05 million
|
| Agent: | Non-brokered
|
© 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.
