By Devika Patel
Knoxville, Tenn., Sept. 1 - VG Gold Corp. said it completed the second tranche of a C$3.12 million private placement of units, raising C$2.11 million. The deal priced for C$3 million on July 21.
The company sold 38.95 million units of one common share and one warrant at C$0.08 per unit. Each warrant is exercisable at C$0.15 for 18 months.
The first tranche of 12,594,814 units settled for C$1.01 million on July 21 with investor Lexam Explorations Inc. The second tranche consisted of 24,905,186 units, sold to Lexam, and 1.45 million units that were sold to other investors.
Proceeds will be used for exploration and development 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$3,116,000
|
| Units: | 38.95 million
|
| Price: | C$0.08
|
| Warrants: | One warrant per unit
|
| Warrant strike price: | C$0.15
|
| Warrant expiration: | 18 months
|
| Investor: | Lexam Explorations Inc. (for C$3 million)
|
| Pricing date: | July 21
|
| Settlement date: | July 21 (for C$1,007,585), Sept. 1 (for C$2,108,415)
|
| Stock symbol: | Toronto: VG
|
| Stock price: | C$0.13 at close July 21
|
| Market capitalization: | C$47.6 million
|
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