By Sheri Kasprzak
New York, Sept. 13 - Keegan Resources Inc. said it has arranged a non-brokered private placement for up to C$2.4 million.
The company plans to sell up to 3 million units at C$0.80 each.
The units are comprised of one share and one warrant. The warrants are exercisable at C$1.00 each for two years.
The expiry of the warrants may be accelerated to 30 days if the company's stock trades above C$2.00 for more than 10 consecutive trading days.
Proceeds from the deal will be used for drilling in Nevada and for exploration on the company's Asumura project in Ghana.
Based in Vancouver, B.C., Keegan is a mineral exploration company.
| Issuer: | Keegan Resources Inc.
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| Issue: | Units of one share and one warrant
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| Amount: | C$2.4 million (maximum)
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| Units: | 3 million (maximum)
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| Price: | C$0.80
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| Warrants: | One warrant per unit
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| Warrant expiration: | Two years
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| Warrant strike price: | C$1.00
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| Pricing date: | Sept. 12
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| Stock price: | C$1.01 at close Sept. 12
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