Non-brokered offering raises funds for drilling, mineral exploration
By Devika Patel
Knoxville, Tenn., Sept. 26 - Glass Earth Gold Ltd. said it raised C$2.6 million in the initial tranche of a C$5 million non-brokered private placement of units. The deal priced Sept. 16.
The company is selling about 9.1 million units of one common share and one half-share warrant at C$0.55 per unit. It sold 4,717,184 units in the first tranche.
Each whole warrant will be exercisable at C$0.80 for two years. The strike price represents a 26.98% premium to the C$0.63 closing share price on Sept. 15.
Proceeds will be used for drilling, mineral exploration and general working capital purposes.
The gold mining exploration and development company is based in Toronto.
| Issuer: | Glass Earth Gold Ltd.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | C$5 million
|
| Units: | 9.1 million (approximate)
|
| Price: | C$0.55
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.80
|
| Agent: | Non-brokered
|
| Pricing date: | Sept. 16
|
| Settlement date: | Sept. 26 (for C$2,594,451)
|
| Stock symbol: | TSX Venture: GEL
|
| Stock price: | C$0.63 at close Sept. 15
|
| Market capitalization: | C$24 million
|
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