By Sheri Kasprzak
Atlanta, March 4 - Goldbelt Resources Ltd. said it has raised C$7 million in a private placement and expects to close another C$1 million in the deal Friday.
The company sold 14 million units at C$0.50 each.
The units include one share and one half-share warrant. The whole warrants allow for an additional share at C$0.65 each for 18 months.
The company also announced that it has completed its acquisition of the Burkina Faso assets of Resolute Ltd.
The company used the proceeds from the offering to fund the acquisition and to advance exploration on the Burkina Faso assets. The remainder will be used for working capital.
Based in Toronto, Goldbelt Resources is a gold exploration, development and mining company.
| Issuer: | Goldbelt Resources Ltd.
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| Issue: | Units of one share and one half-share warrant
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| Amount: | C$7 million
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| Shares: | 14 million units
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| Price: | C$0.50
|
| Warrants: | One half-share warrant per unit
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| Warrant expiration: | 18 months
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| Warrant strike price: | C$0.65
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| Pricing date: | Nov. 24
|
| Settlement date: | March 3
|
| Stock price: | C$0.50 at close Nov. 24
|
| Stock price: | C$0.68 at close March 3
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