Non-brokered deal offers 16,666,667 common shares at $0.30 per share
By Devika Patel
Knoxville, Tenn., Nov. 14 - Sutter Gold Mining Inc. announced it raised $1.01 million in the initial tranche of a $5 million non-brokered private placement of stock. The deal priced Oct. 18.
The company is selling 16,666,667 common shares at $0.30 per share. The price per share reflects a 16.67% discount to the Oct. 17 closing share price of $0.36.
Sutter Gold sold 3,356,634 shares in the first tranche.
Proceeds will be used to continue advancement of the Lincoln Mine Project, for general working capital and to repay the company's recently acquired credit facility.
Vancouver, B.C.-based Sutter is a gold exploration company.
| Issuer: | Sutter Gold Mining Inc.
|
| Issue: | Common stock
|
| Amount: | $5 million
|
| Units: | 16,666,667
|
| Price: | $0.30
|
| Warrants: | No
|
| Agent: | Non-brokered
|
| Pricing date: | Oct. 18
|
| Settlement date: | Nov. 14 (for $1,006,990)
|
| Stock symbol: | Pink Sheets: SGMNF
|
| Stock price: | $0.36 at close Oct. 17
|
| Market capitalization: | $44.46 million
|
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