Non-brokered deal sells 3,636,364 receipts at C$0.32 to Franco-Nevada
By Devika Patel
Knoxville, Tenn., Aug. 20 – NewCastle Gold Ltd. said it raised C$1.16 million in a non-brokered private placement of subscription receipts with Franco-Nevada Corp.
The company sold 3,636,364 receipts at C$0.32 apiece, a 36% discount to the May 9 closing share price of C$0.50.
Each receipt is exchangeable for one unit of one common share and a half-share warrant, with each whole warrant exercisable at C$0.64 until May 9, 2021. The strike price is a 28% premium to the May 9 closing price.
The gold explorer is based in Toronto.
| Issuer: | NewCastle Gold Ltd.
|
| Issue: | Subscription receipts
|
| Amount: | C$1,163,637
|
| Receipts: | 3,636,364
|
| Price: | C$0.32
|
| Warrants: | One half-share warrant per unit upon conversion
|
| Warrant expiration: | May 9, 2021
|
| Warrant strike price: | C$0.64
|
| Agent: | Non-brokered
|
| Investor: | Franco-Nevada Corp.
|
| Settlement date: | May 10
|
| Stock symbol: | TSX Venture: NCA
|
| Stock price: | C$0.50 at close May 9
|
| Market capitalization: | C$38.03 million
|
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