Non-brokered deal funds Goldstrike and Kinsley Mountain gold projects
By Devika Patel
Knoxville, Tenn., March 4 – Pilot Gold Inc. said it completed a C$4.47 million non-brokered private placement of units. The deal priced for C$4.45 million on Feb. 22.
The company sold 17,893,000 units at C$0.25 apiece. Each unit consists of one common share and one half-share warrant, with each whole warrant exercisable at C$0.40 for two years. The strike price is a 17.65% premium to the Feb. 19 closing share price of C$0.34.
Proceeds will be used to advance the company's Goldstrike and Kinsley Mountain gold projects and for general working capital purposes.
The gold and copper explorer is based in Vancouver, B.C.
| Issuer: | Pilot Gold Inc.
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| Issue: | Units of one common share and one half-share warrant
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| Amount: | C$4,473,250
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| Units: | 17,893,000
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| Price: | C$0.25
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| Warrants: | One half-share warrant per unit
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| Warrant expiration: | Two years
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| Warrant strike price: | C$0.40
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| Agent: | Non-brokered
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| Pricing date: | Feb. 22
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| Settlement date: | March 4
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| Stock symbol: | Toronto: PLG
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| Stock price: | C$0.34 at close Feb. 19
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| Market capitalization: | C$53.67 million
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