Company will use proceeds to explore, develop Hope Brook gold project
By Devika Patel
Knoxville, Tenn., Dec. 27 - Castillian Resources Corp. said it once again increased a private placement of stock and units. The deal priced for C$3 million on Dec. 3 and was previously increased to C$4.7 million on Dec. 17. The offering will now raise C$5.35 million.
The company will now sell 31,333,333 units at C$0.075 each for C$2.35 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 30 million flow-through common shares at C$0.10 each for C$3 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$0.075.
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.
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Issue: | Units of one common share and a half-share warrant; flow-through common shares
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Amount: | C$5.35 million
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Agent: | Non-brokered
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Pricing date: | Dec. 3
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Upsized: | Dec. 17, Dec. 24
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Settlement date: | Dec. 30
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Stock symbol: | TSX Venture: CT
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Stock price: | C$0.075 at close Dec. 2
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Market capitalization: | C$18.12 million
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Units
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Amount: | C$2.35 million
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Units: | 31,333,333
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Price: | C$0.075
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Warrants: | One half-share warrant per unit
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Warrant expiration: | Two years
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Warrant strike price: | C$0.10
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Flow-through shares
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Amount: | C$3 million
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Shares: | 30 million
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Price: | C$0.10
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Warrants: | No
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