By Sheri Kasprzak
New York, Sept. 22 - Golden Valley Mines Ltd. said it has arranged a private placement of units for up to C$1,998,000.
The company plans to sell up to 6.66 million units at C$0.30 each.
The units include one share and one half-share warrant. The whole warrants allow for the purchase of another share at C$0.35 each for the first year and C$0.40 each for the remaining two years.
Blackmont Capital Inc. is the placement agent.
The proceeds will be used for an initial exploration program on the company's James Bay, Quebec, properties and for drilling on its properties within the Abitibi Greenstone belt. The rest will be used for working capital.
Based in Val-d'Or, Quebec, Golden Valley is a gold and base metals exploration company.
Issuer: | Golden Valley Mines Ltd.
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Issue: | Units of one share and one half-share warrant
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Amount: | C$1,998,000
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Units: | 6.66 million
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Price: | C$0.30
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Warrants: | One half-share warrant per unit
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Warrant expiration: | Three years
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Warrant strike price: | C$0.35 for the first year; C$0.40 for the second and third years
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Placement agent: | Blackmont Capital Inc.
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Pricing date: | Sept. 21
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Stock price: | C$0.30 at close Sept. 21
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