Non-brokered offering consists of equity units priced at C$0.40 apiece
By Devika Patel
Knoxville, Tenn., Oct. 29 - Kestrel Gold Inc. said it settled the first tranche of a non-brokered private placement of units. The deal priced Sept. 21.
Kestrel is selling 10 million units at C$0.40 apiece for C$4 million. It sold 4,553,000 units in the initial tranche for C$1.82 million.
The units consist of one common share and one warrant. Each whole warrant will be exercisable at C$0.60 for one year. The strike price represents a 27.66% premium to C$0.47, the Sept. 20 closing share price.
Proceeds will only be used for general working capital purposes until the company gets approval from the TSX Venture exchange to fund its obligations under a loan arrangement.
Based in Calgary, Alta., Kestrel is a gold exploration company.
| Issuer: | Kestrel Gold Inc.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | C$4 million
|
| Units: | 10 million
|
| Price: | C$0.40
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | One year
|
| Warrant strike price: | C$0.60
|
| Agent: | Non-brokered
|
| Pricing date: | Sept. 21
|
| Settlement date: | Oct. 29 (for C$1,821,200)
|
| Stock symbol: | TSX Venture: KGC
|
| Stock price: | C$0.47 at close Sept. 20
|
| Market capitalization: | C$10.57 million
|
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