By Devika Patel
Knoxville, Tenn., June 22 - Northern Gold Mining Inc. said its C$2.5 million private placement of units with agent BayFront Capital Partners Ltd. has been fully subscribed. The deal, which was to be conducted on a best-efforts basis, priced June 21.
The company is selling 8,928,571 flow-through units at C$0.14 apiece. Each flow-through unit consists of one flow-through common share and one warrant. Each warrant is exercisable at C$0.17 for 18 months.
The company also is selling 10,869,565 hard-dollar units at C$0.115 apiece. Each hard-dollar unit consists of one common share and one warrant. Each warrant is exercisable at C$0.15 for 18 months.
Proceeds will be used for mineral exploration and working capital.
Northern Gold Mining is a Toronto junior resource company focused on the acquisition and exploration of base and precious metal mineral properties.
| Issuer: | Northern Gold Mining Inc.
|
| Issue: | Flow-through units of one flow-through common share and one warrant, hard-dollar units of one common share and one warrant
|
| Amount: | C$2.5 million
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | 18 months
|
| Agent: | BayFront Capital Partners Ltd.
|
| Pricing date: | June 21
|
| Stock symbol: | TSX Venture: NGM
|
| Stock price: | C$0.135 at close June 18
|
| Market capitalization: | C$5.94 million
|
|
|
| Flow-through units
|
| Amount: | C$1.25 million
|
| Units: | 8,928,571
|
| Price: | C$0.14
|
| Warrant strike price: | C$0.17
|
|
|
| Hard-dollar units
|
| Amount: | C$1.25 million
|
| Units: | 10,869,565
|
| Price: | C$0.115
|
| Warrant strike price: | C$0.15
|
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