By Devika Patel
Knoxville, Tenn., June 10 - Gateway Gold Corp. said it completed a private placement of units, raising C$1.3 million. The deal priced for C$1.5 million on May 13.
The company sold 5,196,000 units, down from its planned sale of 6 million units, of one common share and one half-share warrant at C$0.25 per unit. Each whole two-year warrant is exercisable at C$0.35.
The warrants may expire sooner if the company's shares trade at or above a weighted average trading price of C$0.70 for 20 consecutive trading days. In that case, the warrants will expire 30 days after the company notifies holders.
Of the units sold, 780,000 were issued on a non-brokered basis and 4,416,000 were issued on a brokered basis through Bolder Investment Partners, Ltd.
Proceeds will be used for exploration.
Based in Vancouver, B.C., Gateway is a gold exploration company.
| Issuer: | Gateway Gold Corp.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | C$1,299,000
|
| Units: | 5,196,000
|
| Price: | C$0.25
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.35
|
| Agent: | Non-brokered (for 780,000 units), Bolder Investment Partners, Ltd. (for 4,416,000 units)
|
| Pricing date: | May 13
|
| Settlement date: | June 10
|
| Stock symbol: | Toronto: GTQ
|
| Stock price: | C$0.27 at close May 12
|
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