Proceeds used for exploration of company's properties, working capital
By Devika Patel
Knoxville, Tenn., July 29 - Guyana Frontier Mining Corp. said it will conduct a C$1.25 million non-brokered private placement of units. It has already raised C$902,995 in the deal.
The company will sell 5 million units of one common share and one warrant at C$0.25 per unit, with each one-year warrant exercisable at C$0.40. The strike price is a 77.78% premium to C$0.225, the July 28 closing share price.
The company sold 3,611,981 units in the first tranche.
Proceeds will be used for exploration of the company's mineral properties and general working capital purposes.
Guyana Frontier is a Vancouver, B.C., precious metals exploration company.
Issuer: | Guyana Frontier Mining Corp.
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Issue: | Units of one common share and one warrant
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Amount: | C$1.25 million
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Units: | 5 million
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Price: | C$0.25
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Warrants: | One warrant per unit
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Warrant expiration: | One year
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Warrant strike price: | C$0.40
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Agent: | Non-brokered
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Settlement date: | July 29 (for C$902,995)
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Stock symbol: | TSX Venture: GYG
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Stock price: | C$0.25 at close July 29
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Market capitalization: | C$21.98 million
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