By Sheri Kasprzak
New York, July 25 - Vencan Gold Corp. has completed its previously announced private placement for C$1,964,000.
In the second and final tranche, the company sold 4.65 million flow-through shares at C$0.10 each and 6.994 units at C$0.10 each.
The units are comprised of one share and one half-share warrant. Each whole warrant is exercisable at C$0.12 for two years.
In the first tranche, the company sold 6 million flow-through shares and 2 million units. The first tranche closed May 12.
The deal was not brokered, but, when priced April 18 as a C$1.6 million offering, Dundee Securities Corp. was the agent.
The placement was upsized to C$1,975,000 on May 2.
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$1,964,000
|
| Placement agent: | Non-brokered
|
| Pricing date: | April 6
|
| Settlement date: | July 25
|
| Stock symbol: | TSX Venture: VCG
|
| Stock price: | C$0.11 at close April 6
|
| Stock price: | C$0.135 at close July 25
|
|
|
| Flow-through shares
|
| Shares: | 10.65 million
|
| Price: | C$0.10
|
| Warrants: | No
|
|
|
| Units
|
| Units: | 8,994,000
|
| 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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