Proceeds used for exploration, drilling and general working capital
By Devika Patel
Knoxville, Tenn., Dec. 6 - Viking Gold Exploration Inc. said it raised C$1.05 million in a private placement of units.
The company sold 6,991,667 units of one flow-through common share and one half-share warrant at C$0.15 per unit.
Each whole two-year warrant will be exercisable at C$0.20. The strike price is a 53.85% premium to C$0.13, the Dec. 5 closing share price.
Proceeds will be used to finance exploration expenses for a drilling program and for general working capital purposes.
Viking is a gold explorer in Toronto.
| Issuer: | Viking Gold Exploration Inc.
|
| Issue: | Units of one flow-through common share and one half-share warrant
|
| Amount: | C$1,048,750
|
| Units: | 6,991,667
|
| Price: | C$0.15
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.20
|
| Settlement date: | Dec. 6
|
| Stock symbol: | TSX Venture: VGC
|
| Stock price: | C$0.13 at close Dec. 5
|
| Market capitalization: | C$10.17 million
|
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