By Sheri Kasprzak
Atlanta, March 3 - Galahad Gold plc said it has closed a private placement of stock for £5 million.
The company sold 41,666,667 shares at 12p each to RIT Capital Partners and the J. Rothschild family interests.
The investors will also receive one warrant for every two shares subscribed for in the offering. The warrants allow for an additional share at 13p each for two years.
Upon completion of the deal, RIT Capital and the Rothschild family interests will hold 7.43% of Galahad.
Based in London, Galahad is a gold exploration and development company. It plans to use the proceeds for general corporate purposes and strategic developments.
| Issuer: | Galahad Gold plc
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| Issue: | Stock
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| Amount: | £5 million
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| Shares: | 41,666,667
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| Price: | 12p
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| Warrants: | One warrant for every two shares purchased
|
| Warrant expiration: | Two years
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| Warrant strike price: | 13p
|
| Investors: | RIT Capital Partners and the J. Rothschild family interests
|
| Settlement date: | March 3
|
| Stock price: | 23p at close March 2
|
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