Non-brokered deal funds purchase of remaining placer gold operations
By Devika Patel
Knoxville, Tenn., June 15 - Glass Earth Gold Ltd. said it has arranged a C$2.2 million non-brokered private placement of units.
The company will sell 11 million units of one common share and one warrant at C$0.20 per unit.
Each warrant will be exercisable at C$0.35 for two years. The strike price represents a 52.17% premium to the C$0.23 closing share price on June 14.
Proceeds will be used to purchase the remaining 50% of placer gold operations, bringing the company's ownership to 100%, and to provide working capital for the operations.
The gold mining exploration and development company is based in Toronto.
| Issuer: | Glass Earth Gold Ltd.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | C$2.2 million
|
| Units: | 11 million
|
| Price: | C$0.20
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.35
|
| Agent: | Non-brokered
|
| Pricing date: | June 15
|
| Stock symbol: | TSX Venture: GEL
|
| Stock price: | C$0.23 at close June 14
|
| Market capitalization: | C$12.99 million
|
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