By Devika Patel
Knoxville, Tenn., Nov. 2 - Cortez Gold Corp. said it plans a non-brokered private placement of units for between C$5 million and C$7 million.
The company will sell up to 14 million units of one common share and one half-share warrant at C$0.50 each.
Each full warrant is exercisable at C$0.70 for two years.
Proceeds will be used to make the $2.9 million cash portion of the final payment for various mineral claims in Nevada. Proceeds also will be added to working capital and will be used to conduct the first phase of the recommended work program on the Castle Black-Rock Property and to evaluate the remainder of the Nevada portfolio.
Cortez Gold is a Vancouver, B.C., capital pool company.
| Issuer: | Cortez Gold Corp.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | C$5 million (minimum), C$7 million (maximum)
|
| Units: | 14 million (maximum)
|
| Price: | C$0.50
|
| Warrants: | One half-share warrant per unit
|
| Warrant strike price: | C$0.70
|
| Warrant expiration: | Two years
|
| Agent: | Non-brokered
|
| Pricing date: | Nov. 2
|
| Stock symbol: | TSX Venture: CUT.P
|
| Stock price: | C$0.375 at close Oct. 30
|
| Market capitalization: | C$1.86 million
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
