By Devika Patel
Knoxville, Tenn., Nov. 14 - Gryphon Gold Corp. announced will increase a private placement of units to C$5.44 million from C$3.84 million. The deal was announced on July 13 for C$4 million and priced on Nov. 12.
The company now will sell up to 6.8 million units, increased from 4.8 million units, at C$0.80 apiece. All other terms of the deal remain unchanged.
As previously reported, each unit will consist of one share and one two-year warrant. The warrants will have strike prices of C$1.00 if exercised within the first year and C$1.25 if exercised in the second year.
The proceeds will be used for exploration and development.
Gryphon is a Vancouver, B.C.-based gold exploration company.
| Issuer: | Gryphon Gold Corp.
|
| Issue: | Units of one share and one warrant
|
| Amount: | C$5.44 million
|
| Units: | 6.8 million
|
| Price: | C$0.80
|
| Warrants: | One per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$1.00 in the first year; C$1.25 in the second year
|
| Announcement date: | July 13
|
| Pricing date: | Nov. 12
|
| Upsized: | Nov. 14
|
| Stock symbol: | Toronto: GGN
|
| Stock price: | C$0.87 at close July 13
|
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