By Laura Lutz
Des Moines, Nov. 1 - Young-Shannon Gold Mines, Ltd. arranged a non-brokered private placement of units for up to C$2.2 million.
The company plans to sell up to 22 million units of one share and one half-share warrant at C$0.10 per unit. Each whole warrant will be exercisable at C$0.15 for two years.
Settlement is expected within 10 business days.
Proceeds will be used for geological mapping, geochemical sampling, geophysical surveying and diamond drilling.
Young-Shannon is a Toronto-based mining company.
| Issuer: | Young-Shannon Gold Mines, Ltd.
|
| Issue: | Units of one share and one half-share warrant
|
| Amount: | C$2.2 million
|
| Units: | 22 million
|
| Price: | C$0.10
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.15
|
| Agent: | Non-brokered
|
| Pricing date: | Nov. 1
|
| Stock symbol: | TSX Venture: GYS
|
| Stock price: | C$0.105 at close Oct. 30 (last trade)
|
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