Proceeds intended to upgrade the Jerritt Canyon Gold Project in Nevada
By Devika Patel
Knoxville, Tenn., May 24 - Yukon-Nevada Gold Corp. said it has arranged a C$14.4 million private placement of units with Deutsche Bank.
Deutsche Bank will buy 33,488,372 units at C$0.43 apiece. Each unit consists of one common share and one warrant, with each two-year warrant exercisable at C$0.55, a 34.15% premium to the May 23 closing share price of C$0.41.
The company also said that shareholders approved a resolution to reduce the exercise prices of its unlisted share purchase warrants for a 30-day period, which expired on April 13. Of the company's warrants, 59,054,083 were exercised for $12.49 million of proceeds.
Proceeds from the placement and warrant exercised will be spent on capital expenditures to upgrade the Jerritt Canyon Gold Project in Nevada.
Yukon-Nevada is a Vancouver, B.C.-based gold exploration company.
| Issuer: | Yukon-Nevada Gold Corp.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | C$14.4 million
|
| Units: | 33,488,372
|
| Price: | C$0.43
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.55
|
| Investor: | Deutsche Bank
|
| Pricing date: | May 24
|
| Stock symbol: | TSX Venture: YNG
|
| Stock price: | C$0.41 at close May 23
|
| Market capitalization: | C$306.18 million
|
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