By Devika Patel
Knoxville, Tenn., Sept. 15 - Golden Band Resources Inc. said it took in C$1.8 million in a private placement of units. The deal priced for C$1.5 million on Aug. 26.
The company sold 9 million units at C$0.20 apiece. It had planned to sell 7.5 million units.
Each unit comprises one common share and one warrant. Each warrant is exercisable at C$0.28 for one year.
The warrants may expire sooner if the company's shares close at C$0.40 or higher for 15 consecutive trading days. In that case, the warrants will expire 30 days after the company notifies holders of such an event.
Proceeds will be used for the company's development-related work in connection with its plans to start gold production using its Jolu mill and for general working capital.
Golden Band is a gold exploration company based in Saskatoon, Sask.
| Issuer: | Golden Band Resources Inc.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | C$1.8 million
|
| Units: | 9 million
|
| Price: | C$0.20
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | One year
|
| Warrant strike price: | C$0.28
|
| Pricing date: | Aug. 26
|
| Settlement date: | Sept. 15
|
| Stock symbol: | Toronto: GBN
|
| Stock price: | C$0.21 at close Aug. 25
|
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