Non-brokered offering funds exploration program on Karankasso project
By Devika Patel
Knoxville, Tenn., March 12 – Savary Gold Corp. said it increased its non-brokered private placement of units to C$3 million from C$2 million. The deal priced on Feb. 26.
The company will now sell 60 million units of one common share and a half-share warrant at C$0.05 per unit. Each whole warrant is exercisable at C$0.08 for three years. The strike price reflects a 60% premium to the Feb. 25 closing share price of C$0.05.
Proceeds will be used for an exploration program on the Karankasso project and general corporate purposes.
The gold explorer is based in Toronto.
| Issuer: | Savary Gold Corp.
|
| Issue: | Units of one common share and a half-share warrant
|
| Amount: | C$3 million
|
| Units: | 60 million
|
| Price: | C$0.05
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Three years
|
| Warrant strike price: | C$0.08
|
| Agent: | Non-brokered
|
| Pricing date: | Feb. 26
|
| Upsized: | March 12
|
| Stock symbol: | TSX Venture: SCA
|
| Stock price: | C$0.05 at close Feb. 25
|
| Market capitalization: | C$3.34 million
|
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