By Sheri Kasprzak
New York, March 29 - Gateway Gold Corp. has priced a C$4 million private placement.
The deal includes up to 3.2 million special warrants at C$1.25 each.
Each special warrant is exchangeable for units of one share and one half-share warrant once the company receives shareholder approval.
The whole warrants are exercisable at C$1.60 each for one year.
Placement agent Haywood Securities Inc. has a greenshoe for up to 800,000 additional special warrants.
The offering is expected to close April 21.
Proceeds will be used for exploration on the company's Nevada properties and for working capital.
On March 1, Gateway priced a C$10 million private placement of 8 million units at C$1.25 each.
The units include one share and one half-share warrant. The whole warrants are exercisable under the same terms as the present offering.
Based in Vancouver, B.C., Gateway is a gold exploration company.
| Issuer: | Gateway Gold Corp.
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| Issue: | Special warrants exchangeable for units of one share and one half-share warrant
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| Amount: | C$4 million
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| Special warrants: | 3.2 million
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| Price: | C$1.25
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| Warrants: | One half-share warrant per unit
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| Warrant expiration: | One year
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| Warrant strike price: | C$1.60
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| Placement agent: | Haywood Securities Inc.
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| Pricing date: | March 29
|
| Settlement date: | April 21
|
| Stock symbol: | Toronto: GTQ
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| Stock price: | C$1.44 at close March 29
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