By Sheri Kasprzak
Atlanta, Dec. 8 - Young-Davidson Mines Ltd. said Wednesday it plans to raise C$2 million in a private placement.
The company will issue no more than 909,091 flow-through shares at C$1.10 each and about 1,111,111 non flow-through units at C$0.90 each.
The units include one share and one half-share warrant. The whole warrants allow for an additional share at C$1.10 for 18 months.
Canaccord Capital Corp. and Kinsdale Capital Corp. are the placement agents in the offering.
Young-Davidson is a gold exploration company based in Toronto. The company plans to use the proceeds from the deal for its 2005 exploration programs on the Matachewan gold project and for working capital.
| Issuer: | Young-Davidson Mines Ltd.
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| Issue: | Flow-through shares and non flow-through units
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| Amount: | C$2 million
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| Placement agent: | Canaccord Capital Corp. and Kinsdale Capital Corp.
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| Announcement date: | Dec. 8
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| Stock price: | C$0.96 at close Dec. 7
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| Flow-through shares
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| Issue: | Flow-through shares
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| Shares: | 909,091
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| Price: | C$1.10
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| Warrants: | No
|
|
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| Units
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| Issue: | Units of one non flow-through common share and one half-share warrant
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| Units: | 1,111,111
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| Price: | C$0.90
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| Warrants: | One half-share warrant per unit
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| Warrant expiration: | 18 months
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| Warrant strike price: | C$1.10
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