By Laura Lutz
Des Moines, June 28 - Grenville Gold Corp. completed a private placement of units for C$1,842,720, down from the C$4 million maximum deal size announced on May 3.
The company sold 3,071,200 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$1,842,720
|
| Units: | 3,071,200
|
| 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
|
| Settlement date: | June 28
|
| Stock symbol: | TSX Venture: GVG
|
| Stock price: | C$0.57 at close May 3
|
| Stock price: | C$0.55 at close June 28
|
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