By Devika Patel
Knoxville, Tenn., July 22 - VG Gold Corp. will conduct a C$3 million private placement of units, according to a press release from investor Lexam Explorations Inc.
The company will sell 37.5 million units of one common share and one warrant at C$0.08 apiece. Each warrant is exercisable at C$0.15 for 18 months. The first tranche of 12,594,814 units has already settled for C$1.01 million.
Proceeds will be used for exploration and development activities on the company's bauxite licenses in Guyana.
Based in Toronto, VG Gold explores and develops precious metal mineral properties.
| Issuer: | VG Gold Corp.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | C$3 million
|
| Units: | 37.5 million
|
| Price: | C$0.08
|
| Warrants: | One warrant per unit
|
| Warrant strike price: | C$0.15
|
| Warrant expiration: | 18 months
|
| Investor: | Lexam Explorations Inc.
|
| Pricing date: | July 21
|
| Settlement date: | July 21 (for C$1,007,585.12)
|
| Stock symbol: | Toronto: VG
|
| Stock price: | C$0.13 at close July 21
|
| Market capitalization: | C$26.2 million
|
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