Non-brokered deal offers units of one share and one warrant at C$0.05
By Devika Patel
Knoxville, Tenn., Aug. 10 – California Gold Mining Inc. said it raised C$4.84 million in the first tranche of a C$6 million non-brokered private placement of units. The deal priced on July 28.
The company is selling 120 million units of one common share and one warrant at C$0.05 per unit. It sold 96.8 million units in the initial tranche.
Each warrant is exercisable at C$0.10 for three years. The strike price is a 233.33% premium to the July 27 closing share price of C$0.03.
Settlement of the final tranche is expected Sept. 11.
Proceeds will be used to conduct a phase 3 drill program at the Fremont Property and for general corporate purposes.
The gold explorer is based in Toronto.
| Issuer: | California Gold Mining Inc.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | C$6 million
|
| Units: | 120 million
|
| Price: | C$0.05
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Three years
|
| Warrant strike price: | C$0.10
|
| Agent: | Non-brokered
|
| Pricing date: | July 28
|
| Settlement dates: | Aug. 10 (for C$4.84 million), Sept. 11
|
| Stock symbol: | TSX Venture: CGM
|
| Stock price: | C$0.03 at close July 27
|
| Market capitalization: | C$5.11 million
|
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