Jones, Gable helps raise financing for working capital and exploration
By Devika Patel
Knoxville, Tenn., Dec. 3 - Uragold Bay Resources Inc. said it has negotiated a private placement of units. It will raise C$1.25 million via agent Jones, Gable & Co. Ltd.
The company will sell 1,250 units at C$1,000 each. Each unit will consist of 15,000 flow-through common shares, 5,000 common shares and 20,000 warrants.
The warrants are each exercisable at C$0.10 for two years. The strike price reflects a 66.67% premium to the Dec. 2 closing share price of C$0.06.
Proceeds will be used for exploration, general working capital purposes and the development of the company's Quebec-based properties.
"This new broker private placement combined with the previously closed non-broker placement will give the corporation the required liquidity for the aggressive development of the corporation's prime properties," chairman and chief executive officer Bernard Tourillon stated.
The Montreal-based company explores for gold.
Issuer: | Uragold Bay Resources Inc.
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Issue: | Units of 15,000 flow-through common shares, 5,000 common shares and 20,000 warrants
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Amount: | C$1.25 million
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Units: | 1,250
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Price: | C$1,000
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Warrants: | 20,000 warrants per unit
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Warrant expiration: | Two years
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Warrant strike price: | C$0.10
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Agent: | Jones, Gable & Co. Ltd.
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Pricing date: | Dec. 3
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Stock symbol: | TSX Venture: UBR
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Stock price: | C$0.06 at close Dec. 2
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Market capitalization: | C$6.14 million
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