Proceeds to fund exploration at Midway gold project in South Carolina
By Devika Patel
Knoxville, Tenn., Nov. 15 - Strongbow Exploration Inc. said it completed a private placement of stock. Haywood Securities Inc. was the agent.
The company sold 15 million common shares at C$0.24 per share for C$3.6 million. The price per share is a 40% discount to C$0.40, the Nov. 12 closing share price.
Sun Valley Gold Master Fund, Ltd. bought 13 million shares for C$3.12 million.
Proceeds will be used for exploration activities at Strongbow's Midway gold project in South Carolina as well as general working capital.
"Strongbow welcomes Sun Valley Gold as its newest and largest shareholder. We believe Sun Valley will be a strong partner to Strongbow as they have significant experience investing in South Carolina and their investment in Strongbow is an endorsement of the company's exploration strategy at the Midway gold project," Strongbow's president and chief executive officer Ken Armstrong said in a press release.
The nickel, gold and copper exploration company is based in Vancouver, B.C.
| Issuer: | Strongbow Exploration Inc.
|
| Issue: | Common shares
|
| Amount: | C$3.6 million
|
| Shares: | 15 million
|
| Price: | C$0.24
|
| Warrants: | No
|
| Agent: | Haywood Securities Inc.
|
| Investor: | Sun Valley Gold Master Fund, Ltd. (for C$3.12 million)
|
| Pricing date: | Nov. 15
|
| Stock symbol: | TSX Venture: SBW
|
| Stock price: | C$0.40 at close Nov. 12
|
| Market capitalization: | C$23.8 million
|
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