By Devika Patel
Knoxville, Tenn., Dec. 10 - Young-Shannon Gold Mines, Ltd. said it has settled a non-brokered private placement of units for C$2.18 million. The deal priced Nov. 1 for C$2.2 million.
The company sold 21.8 million units, down slightly from its planned sale of 22 million units, at C$0.10 per unit. Each unit consists of one share and one half-share warrant. Each whole warrant will be exercisable at C$0.15 for two years.
The company paid a 7.5% finder's fee of 318,750 shares to LOM Capital and a 7.5% finder's fee of 225,000 shares to Verdmont Capital, SA. It paid a 7.5% cash commission to both Brant Securities Ltd. and to Blackmont Capital Inc., which totaled C$56,625 and C$52,500, respectively.
Proceeds will be used for geological mapping, geochemical sampling, geophysical surveying and diamond drilling.
Young-Shannon is a Toronto-based precious metals exploration company.
| Issuer: | Young-Shannon Gold Mines, Ltd.
|
| Issue: | Units of one share and one half-share warrant
|
| Amount: | C$2.18 million
|
| Units: | 21.8 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
|
| Fees: | 7.5% in cash and shares
|
| Pricing date: | Nov. 1
|
| Settlement date: | Dec. 10
|
| Stock symbol: | TSX Venture: GYS
|
| Stock price: | C$0.105 at close Oct. 30 (last trade)
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