By Devika Patel
Knoxville, Tenn., May 28 - Golden Queen Mining Co. Ltd. said it plans an C$8 million non-brokered private placement of units.
The company will sell 5 million units of one common share and two quarter-share warrants at C$1.60 apiece to Gammon Gold Inc. Each whole A warrant will be exercisable at C$1.75 for 18 months; Each whole B warrant will be exercisable at C$2.00 for 18 months.
Proceeds will be used for expenses associated with the ongoing development of the company's Soledad Mining project and for general working capital.
Vancouver, B.C.-based Golden Queen is a gold exploration company.
| Issuer: | Golden Queen Mining Co. Ltd.
|
| Issue: | Units of one common share and two quarter-share warrants
|
| Amount: | C$8 million
|
| Units: | 5 million
|
| Price: | C$1.60
|
| Warrants: | Two quarter-share warrants per unit
|
| Warrant expiration: | 18 months
|
| Warrant strike price: | C$1.75 (A warrants), C$2.00 (B warrants)
|
| Agent: | Non-brokered
|
| Investor: | Gammon Gold Inc.
|
| Pricing date: | May 28
|
| Stock symbol: | TSX Venture: GQM
|
| Stock price: | C$1.50 at close May 27
|
| Market capitalization: | C$133 million
|
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