By Devika Patel
Knoxville, Tenn., Nov. 30 - New Guinea Gold Corp. said it raised C$3.5 million in the first tranche of a C$5 million non-brokered private placement of stock. The deal priced Oct. 28.
The company is selling 41,666,666 common shares at C$0.12 per share. The remainder of the deal will be completed in mid-December.
Proceeds will be used for exploration, development and other work on the Weioko and Sinivit properties and for general corporate purposes.
New Guinea is a resource exploration company based in Vancouver, B.C.
| Issuer: | New Guinea Gold Corp.
|
| Issue: | Common stock
|
| Amount: | C$5 million
|
| Shares: | 41,666,666
|
| Price: | C$0.12
|
| Warrants: | No
|
| Agent: | Non-brokered
|
| Pricing date: | Oct. 28
|
| Settlement date: | Nov. 27 (for C$3.5 million)
|
| Stock symbol: | TSX Venture: NGG
|
| Stock price: | C$0.12 at close Oct. 27
|
| Market capitalization: | C$20.3 million
|
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