Company will used proceeds to explore, develop Hope Brook Gold Project
By Devika Patel
Knoxville, Tenn., Dec. 3 - Castillian Resources Corp. said it plans a private placement of stock and units. The deal will raise C$3 million.
The company will sell 13,333,333 units at C$0.075 each for C$1 million. Each unit will consist of one common share and a half-share warrant, with each whole warrant exercisable at C$0.10 for two years.
Castillian also will sell 20 million flow-through common shares at C$0.10 each for C$2 million.
The strike price of the warrants and the price per flow-through share represent a 33.33% premium to the Dec. 2 closing share price of C$0.105.
Settlement is expected Dec. 30.
The proceeds will be used to explore and develop the Hope Brook Gold Project.
Castillian is a mineral exploration company based in Toronto. Castillian's flagship property is the Hope Brook Gold Project in southwestern Newfoundland.
| Issuer: | Castillian Resources Corp.
|
| Issue: | Units of one common share and a half-share warrant; flow-through common shares
|
| Amount: | C$3 million
|
| Agent: | Non-brokered
|
| Pricing date: | Dec. 3
|
| Settlement date: | Dec. 30
|
| Stock symbol: | TSX Venture: CT
|
| Stock price: | C$0.075 at close Dec. 2
|
| Market capitalization: | C$14.5 million
|
|
|
| Units
|
| Amount: | C$1 million
|
| Units: | 13,333,333
|
| Price: | C$0.075
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.10
|
|
|
| Flow-through shares
|
| Amount: | C$2 million
|
| Shares: | 20 million
|
| Price: | C$0.10
|
| Warrants: | No
|
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