By Devika Patel
Knoxville, Tenn., July 13 - Gryphon Gold Corp. announced that its board has authorized a private placement of up to 5 million units at C$0.80 per unit for a total of C$4 million.
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 12 months of closing, and C$1.25 if exercised in the second year.
The proceeds will be used for exploration and development programs.
Gryphon is a Vancouver, B.C.-based gold exploration company.
| Issuer: | Gryphon Gold Corp.
|
| Issue: | Units of one share and one warrant
|
| Amount: | C$4 million
|
| Units: | 5 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
|
| Stock symbol: | Toronto: GGN
|
| Stock price: | C$0.87 at close July 13
|
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