Non-brokered deal funds exploration of the Gold Pike Mine property
By Devika Patel
Knoxville, Tenn., Dec. 22 - Victory Gold Mines Inc. said it took in C$1.26 million in a non-brokered private placement of stock and units. The deal priced for up to C$4 million on Oct. 14.
The company sold 4,452,001 flow-through common shares at C$0.22 apiece and 1,250,038 units at the same price.
Each unit consists of one common share and a half-share warrant, with each whole warrant exercisable at C$0.35 for 18 months.
The price per share represents a 15.79% premium to C$0.19, the Oct. 14 closing share price. The warrant strike price is an 84.21% premium to that price.
The company has secured an initial C$1.21 million tranche consisting of 1,136,364 units and 4,352,273 shares.
Proceeds will be used to continue exploration and development of the Gold Pike Mine property and for general corporate purposes.
The gold exploration company is based in Toronto.
| Issuer: | Victory Gold Mines Inc.
|
| Issue: | Flow-through common shares, units of one common share and a half-share warrant
|
| Amount: | C$1,255,000
|
| Price: | C$0.22
|
| Agent: | Non-brokered
|
| Pricing date: | Oct. 14
|
| Settlement date: | Dec. 22
|
| Stock symbol: | CNSX: VGO
|
| Stock price: | C$0.19 at close Oct. 14
|
|
|
| Shares
|
| Amount: | C$979,440
|
| Shares: | 4,452,001
|
| Warrants: | No
|
|
|
| Units
|
| Amount: | C$275,008
|
| Units: | 1,250,038
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | 18 months
|
| Warrant strike price: | C$0.35
|
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