By Devika Patel
Knoxville, Tenn., Jan. 25 - New Guinea Gold Corp. said it raised C$1.6 million in a non-brokered private placement of stock. The deal priced for C$1.85 million on Dec. 15.
The company sold 13,333,333 common shares at C$0.12 per share. The majority of the shares were sold to Ricardo B. Salinas. The other investors were John Detmold and Robert D. McNeil.
Proceeds will be used for exploration, development on the Sinivit Mine and for general corporate purposes.
New Guinea Gold is a resource exploration company based in Vancouver, B.C.
| Issuer: | New Guinea Gold Corp.
|
| Issue: | Common stock
|
| Amount: | C$1.6 million
|
| Shares: | 13,333,333
|
| Price: | C$0.12
|
| Warrants: | No
|
| Agent: | Non-brokered
|
| Investors: | Ricardo B. Salinas, John Detmold and Robert D. McNeil
|
| Pricing date: | Dec. 15
|
| Settlement date: | Jan. 25
|
| Stock symbol: | TSX Venture: NGG
|
| Stock price: | C$0.12 at close Dec. 14
|
| Market capitalization: | C$17.2 million
|
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