Non-brokered deal funds debt repayments and general working capital
By Devika Patel
Knoxville, Tenn., July 8 – Inca One Gold Corp. said it has arranged a C$4 million non-brokered private placement of units. The company will also conduct a five-to-one share consolidation, and the placement pricing reflects the planned consolidation.
The company will sell 16 million units of one common share and one half-share warrant at C$0.25 per unit. Each whole three-year warrant is exercisable at C$0.40, a 700% premium to the July 7 closing share price of C$0.05. Had the consolidation already occurred, the strike price would be a 60% premium to the July 7 closing share price.
Proceeds will be used to purchase mineral, inventory supplies and materials, for debt repayments and for general working capital requirements.
The Vancouver, B.C., company, formerly known as Inca One Resources Corp., is an ore processing company that owns a gold milling facility in Peru.
| Issuer: | Inca One Gold Corp.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | C$4 million
|
| Units: | 16 million
|
| Price: | C$0.25
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Three years
|
| Warrant strike price: | C$0.40
|
| Agent: | Non-brokered
|
| Pricing date: | July 8
|
| Stock symbol: | TSX Venture: IO
|
| Stock price: | C$0.05 at close July 7
|
| Market capitalization: | C$3.15 million
|
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