By Devika Patel
Knoxville, Tenn., Dec. 15 - New Guinea Gold Corp. said it will take in C$1.85 million in a non-brokered private placement of stock. The company also said it would not settle any more tranches of its Oct. 28 placement. That deal priced for C$5 million but only raised C$3.5 million.
In the latest deal, the company will sell 15,416,666 common shares at C$0.12 per share.
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$1.85 million
|
| Shares: | 15,416,666
|
| Price: | C$0.12
|
| Warrants: | No
|
| Agent: | Non-brokered
|
| Pricing date: | Dec. 15
|
| Stock symbol: | TSX Venture: NGG
|
| Stock price: | C$0.12 at close Dec. 14
|
| Market capitalization: | C$18.8 million
|
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