Non-brokered offering funds exploration and general corporate purposes
By Devika Patel
Knoxville, Tenn., June 2 - Gold Reach Resources Ltd. said it will conduct a C$1.04 million non-brokered private placement of units. The company also said that it is not proceeding with the C$2.4 million non-brokered private placement of units that was announced on March 25.
The company will sell 999,000 flow-through units of one flow-through common share and one half-share warrant at C$0.72 per unit and 500,000 units of one common share and one warrant at C$0.65 per unit.
Each whole warrant will be exercisable at C$0.80 for two years. The strike price reflects a 17.65% premium to the May 30 closing share price of C$0.68.
Proceeds will be used for exploration and general corporate purposes.
Secutor Capital Management Corp. will be paid an 8% finder's fee.
The gold, silver and copper exploration company is based in Vancouver, B.C.
| Issuer: | Gold Reach Resources Ltd.
|
| Issue: | Flow-through units of one flow-through common share and one half-share warrant, units of one common share and one warrant
|
| Amount: | C$1,044,280
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.80
|
| Agent: | Non-brokered
|
| Pricing date: | June 2
|
| Stock symbol: | TSX Venture: GRV
|
| Stock price: | C$0.68 at close May 30
|
| Market capitalization: | C$22.38 million
|
|
|
| Flow-through units
|
| Amount: | C$719,280
|
| Units: | 999,000
|
| Price: | C$0.72
|
| Warrants: | One half-share warrant per unit
|
|
|
| Units
|
| Amount: | C$325,000
|
| Units: | 500,000
|
| Price: | C$0.65
|
| Warrants: | One warrant per unit
|
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