By Laura Lutz
Des Moines, May 3 - Grenville Gold Corp. negotiated a private placement of units for up to C$4 million.
The company plans to sell up to 6,666,667 units of one share and one warrant at C$0.60 per unit. Each warrant will be exercisable at C$0.80 for two years.
Expiry of the warrants will be accelerated to 30 days if, at any time more than eight months after closing, the company's shares trade at or above C$1.30 for 20 consecutive days.
The underwriter, Northern Securities Inc., has a greenshoe for up to 3,333,333 units, exercisable within 60 days of closing.
Proceeds will be used for exploration and development, for future acquisitions and for working capital.
Grenville is a resource company based in Vancouver, B.C.
| Issuer: | Grenville Gold Corp.
|
| Issue: | Units of one share and one warrant
|
| Amount: | C$4 million
|
| Units: | 6,666,667
|
| Greenshoe: | For up to 3,333,333 units
|
| Price: | C$0.60
|
| Warrants: | One per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.80
|
| Underwriter: | Northern Securities Inc.
|
| Pricing date: | May 3
|
| Stock symbol: | TSX Venture: GVG
|
| Stock price: | C$0.57 at close May 3
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
