By Laura Lutz
Des Moines, Nov. 12 - St Andrew Goldfields Ltd. intends to conduct a private placement of shares for up to C$20 million.
The company plans to sell up to 33,333,333 shares at C$0.60 each.
Managed accounts of Trapeze Asset Management Inc. and of Trapeze Capital Corp., both insiders of the company, are expected to subscribe for about C$11.4 million on a non-brokered basis. That portion of the deal is expected to close on Nov. 15.
The remainder of the placement will be brokered and is expected to close on Dec. 12.
Proceeds will be used for exploration at St Andrew's Nixon Fork property, development and drilling, working capital and general corporate purposes.
St Andrew is a gold mining and exploration company based in Oakville, Ont.
| Issuer: | St Andrew Goldfields Ltd.
|
| Issue: | Shares
|
| Amount: | C$20 million
|
| Shares: | 33,333,333
|
| Price: | C$0.60
|
| Warrants: | No
|
| Investors: | Managed accounts of Trapeze Asset Management Inc. and of Trapeze Capital Corp. (for about C$11.4 million total)
|
| Agent: | Non-brokered (for C$11.4 million)
|
| Announcement date: | Nov. 12
|
| Settlement dates: | Nov. 15 (for C$11.4 million); Dec. 12 (for remainder)
|
| Stock symbol: | Toronto: SAS
|
| Stock price: | C$0.61 at close Nov. 9
|
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