By Sheri Kasprzak
New York, April 6 - Vencan Gold Corp. said it has negotiated two PIPEs for total proceeds of C$1,025,000.
The company plans to sell 6 million flow-through shares at C$0.10 each and 2 million non flow-through units at C$0.10 each in a brokered offering.
The units consist of one share and one half-share warrant with the whole warrants exercisable at C$0.12 each for two years.
Dundee Securities Corp. is the placement agent for the brokered offering.
The company also plans to sell 2.25 million units at C$0.10 in a non-brokered deal under the same terms as the brokered offering.
Proceeds will be used for exploration on the company's properties in Timmins, Ont., as well as for working capital and general corporate purposes.
In other news at Vencan, the company said it has signed a deal with Patricia Mining Corp. allowing Patricia to buy a 75% interest in the company's Edwards gold property adjacent to Patricia's Island gold project.
Vencan, based in Toronto, is a gold exploration company.
Brokered offering
| Issuer: | Vencan Gold Corp.
|
| Issue: | Flow-through shares and units of one share and one half-share warrant
|
| Amount: | C$800,000
|
| Placement agent: | Dundee Securities Corp.
|
| Pricing date: | April 6
|
| Stock symbol: | TSX Venture: VCG
|
| Stock price: | C$0.10 at close April 5
|
|
|
| Flow-through shares
|
| Shares: | 6 million
|
| Price: | C$0.10
|
| Warrants: | No
|
|
|
| Units
|
| Units: | 2 million
|
| Price: | C$0.10
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.12
|
|
|
| Non-brokered offering
|
| Issuer: | Vencan Gold Corp.
|
| Issue: | Units of one share and one half-share warrant
|
| Amount: | C$225,000
|
| Units: | 2.25 million
|
| Price: | C$0.10
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.12
|
| Placement agent: | Non-brokered
|
| Pricing date: | April 6
|
| Stock symbol: | TSX Venture: VCG
|
| Stock price: | C$0.10 at close April 5
|
|
|
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