Non-brokered deal sells 3,636,364 receipts at C$0.32 to Franco-Nevada
By Devika Patel
Knoxville, Tenn., Aug. 20 – NewCastle Gold Ltd. said it raised C$1.16 million in a non-brokered private placement of subscription receipts with Franco-Nevada Corp.
The company sold 3,636,364 receipts at C$0.32 apiece, a 36% discount to the May 9 closing share price of C$0.50.
Each receipt is exchangeable for one unit of one common share and a half-share warrant, with each whole warrant exercisable at C$0.64 until May 9, 2021. The strike price is a 28% premium to the May 9 closing price.
The gold explorer is based in Toronto.
Issuer: | NewCastle Gold Ltd.
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Issue: | Subscription receipts
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Amount: | C$1,163,637
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Receipts: | 3,636,364
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Price: | C$0.32
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Warrants: | One half-share warrant per unit upon conversion
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Warrant expiration: | May 9, 2021
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Warrant strike price: | C$0.64
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Agent: | Non-brokered
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Investor: | Franco-Nevada Corp.
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Settlement date: | May 10
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Stock symbol: | TSX Venture: NCA
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Stock price: | C$0.50 at close May 9
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Market capitalization: | C$38.03 million
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