Proceeds fund exploration of company's portfolio, corporate purposes
By Devika Patel
Knoxville, Tenn., April 15 - Northern Lion Gold Corp. said it has increased a non-brokered private placement of units to C$2.7 million from C$2.5 million. The deal priced on April 12.
The company will now sell 6 million units of one common share and a half-share warrant at C$0.45 apiece.
Each whole warrant is exercisable at C$0.55 for one year. The strike price reflects a 15.79% premium to the closing share price of C$0.475 on April 11.
Proceeds will be used for exploration on the company's portfolio of gold-copper massive sulphide and shear targets in the Republic of Cyprus and general working capital.
Vancouver, B.C.-based Northern Lion explores for gold.
Issuer: | Northern Lion Gold Corp.
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Issue: | Units of one common share and a half-share warrant
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Amount: | C$2.7 million
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Units: | 6 million
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Price: | C$0.45
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Warrants: | One half-share warrant per unit
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Warrant expiration: | One year
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Warrant strike price: | C$0.55
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Agent: | Non-brokered
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Pricing date: | April 12
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Upsized: | April 15
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Stock symbol: | TSX Venture: NL
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Stock price: | C$0.475 at close April 11
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Market capitalization: | C$14.7 million
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