By Laura Lutz
Washington, Dec. 8 - Canadian Golden Dragon Resources Ltd. announced plans to raise up to C$1.2 million from a private placement of flow-through shares and non flow-through units.
The company intends to sell up to 4 million flow-through shares at C$0.15 per share and up to 5,454,545 non flow-through units of one share and one half-share non-transferable warrant at C$0.11 per unit.
Each whole warrant will be exercisable at C$0.15 for two years.
Expiry of the warrants may be accelerated to 20 days if, at any time more than four months after settlement, the weighted average closing price of the company shares is at least C$0.20 for 20 consecutive trading days.
Proceeds from the flow-through shares will be used for exploration of the company's Ontario properties. The rest of the proceeds will be used for working capital.
The non-brokered deal is expected to close on Dec. 29.
Canadian Golden Dragon is a mineral exploration company based in Timmins, Ont.
| Issuer: | Canadian Golden Dragon Resources Ltd.
|
| Issue: | Flow-through shares and non flow-through units of one share and one half-share warrant
|
| Amount: | C$1.2 million
|
| Agent: | Non-brokered
|
| Pricing date: | Dec. 8
|
| Settlement date: | Dec. 29
|
| Stock symbol: | TSX Venture: CGG
|
| Stock price: | C$0.125 at close Dec. 29
|
|
|
| Flow-through shares
|
| Shares: | 4 million
|
| Price: | C$0.15
|
| Warrants: | No
|
|
|
| Units
|
| Units: | 5,454,545
|
| Price: | C$0.11
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.15
|
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