By Laura Lutz
Des Moines, May 3 - Grenville Gold Corp. negotiated a private placement of units for up to C$4 million.
The company plans to sell up to 6,666,667 units of one share and one warrant at C$0.60 per unit. Each warrant will be exercisable at C$0.80 for two years.
Expiry of the warrants will be accelerated to 30 days if, at any time more than eight months after closing, the company's shares trade at or above C$1.30 for 20 consecutive days.
The underwriter, Northern Securities Inc., has a greenshoe for up to 3,333,333 units, exercisable within 60 days of closing.
Proceeds will be used for exploration and development, for future acquisitions and for working capital.
Grenville is a resource company based in Vancouver, B.C.
Issuer: | Grenville Gold Corp.
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Issue: | Units of one share and one warrant
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Amount: | C$4 million
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Units: | 6,666,667
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Greenshoe: | For up to 3,333,333 units
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Price: | C$0.60
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Warrants: | One per unit
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Warrant expiration: | Two years
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Warrant strike price: | C$0.80
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Underwriter: | Northern Securities Inc.
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Pricing date: | May 3
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Stock symbol: | TSX Venture: GVG
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Stock price: | C$0.57 at close May 3
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