By Sheri Kasprzak
New York, May 2 - Vencan Gold Corp. has again increased the size of its previously announced private placement, this time to C$1,975,000.
The company plans to sell up to 10 million flow-through shares at C$0.10 each and up to 9.75 million units at C$0.10 each.
The units consist of one share and one half-share warrant. Each whole warrant is exercisable at C$0.12 each for two years.
Union Securities Ltd. is the placement agent.
The deal priced April 18 as a C$1.6 million offering. Dundee Securities Corp. had been the placement agent for the flow-through shares and for 3.75 million of the units.
Proceeds will be used for exploration on the company's properties in Timmins, Ont., as well as for working capital and general corporate purposes.
Vencan, based in Toronto, is a gold exploration company.
| Issuer: | Vencan Gold Corp.
|
| Issue: | Flow-through shares and units of one share and one half-share warrant
|
| Amount: | C$1,975,000
|
| Placement agent: | Union Securities Ltd.
|
| Pricing date: | April 6
|
| Upsized: | April 18
|
| Upsized: | May 2
|
| Stock symbol: | TSX Venture: VCG
|
| Stock price: | C$0.11 at close April 6
|
| Stock price: | C$0.135 at close April 18
|
| Stock price: | C$0.125 at close May 2
|
|
|
| Flow-through shares
|
| Shares: | 10 million
|
| Price: | C$0.10
|
| Warrants: | No
|
|
|
| Units
|
| Units: | 9.75 million
|
| Price: | C$0.10
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.12
|
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