By Marisa Wong
Milwaukee, April 7 - Dragon Mountain Gold Ltd. announced it will raise A$2 million through a placement of ordinary shares to sophisticated investors in China.
Dragon Mountain will sell shares at A$0.20 each. Subscribers will receive one free attaching option for every two ordinary shares. The options are convertible at A$0.20 and expire March 31, 2011.
Proceeds of the offering will be used to provide working capital to further develop the company's existing Lixian Gold Project in Gansu Province, China.
Dragon Mountain is a gold exploration company based in West Perth, Australia.
| Issuer: | Dragon Mountain Gold Ltd.
|
| Issue: | Ordinary shares with attaching options
|
| Amount: | A$2 million
|
| Price: | A$0.20
|
| Options: | One attaching option for every two ordinary shares subscribed
|
| Option expiration: | March 31, 2011
|
| Option strike price: | A$0.20
|
| Announcement date: | April 7
|
| Stock symbol: | Australia: DMG
|
| Stock price: | A$0.22 at close April 7
|
| Market capitalization: | A$43.46 million
|
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