Offering proceeds earmarked for exploration, working capital purposes
By Devika Patel
Knoxville, Tenn., Dec. 30 – Banks Island Gold Ltd. said it raised C$510,000 in the first tranche of a C$1 million non-brokered private placement of shares and units on Monday. The deal priced on Dec. 19.
The company is selling 3.5 million flow-through shares at C$0.20 per share and 2 million units of one common share and one half-share warrant at C$0.15 per unit. Each whole warrant is exercisable at C$0.30 for 18 months.
The strike price is a 100% premium to the Dec. 18 closing share price of C$0.15. The price per flow-through share is a 33.33% premium to that price.
The company sold 2.55 million flow-through shares in the initial tranche.
Proceeds will be used for exploration and development activities on the Yellow Giant Gold Property on Banks Island in British Columbia and for working capital purposes.
Vancouver, B.C.-based Banks Island is a gold explorer.
| Issuer: | Banks Island Gold Ltd.
|
| Issue: | Flow-through shares, units of one common share and one half-share warrant
|
| Amount: | C$1 million
|
| Agent: | Non-brokered
|
| Pricing date: | Dec. 19
|
| Settlement date: | Dec. 29 (for C$510,000)
|
| Stock symbol: | TSX Venture: BOZ
|
| Stock price: | C$0.15 at close Dec. 18
|
| Market capitalization: | C$6 million
|
|
|
| Flow-through shares
|
| Amount: | C$700,000
|
| Shares: | 3.5 million
|
| Price: | C$0.20
|
| Warrants: | No
|
|
|
| Units
|
| Amount: | C$300,000
|
| Units: | 2 million
|
| Price: | C$0.15
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | 18 months
|
| Warrant strike price: | C$0.30
|
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