Deal funds growth projects, exploration programs and working capital
By Devika Patel
Knoxville, Tenn., Feb. 20 - Crocodile Gold Corp. said it will conduct an C$18 million private placement of units with Sprott Asset Management LP.
The company will sell 69,230,770 units of one common share and a quarter-share warrant at C$0.26 per unit, with each whole two-year warrant exercisable at C$0.35 in the first year and at C$0.40 in the second year. The strike prices reflect 34.62% and 53.85% premiums to the Feb. 19 closing share price of C$0.26.
Settlement is expected Feb. 28.
Proceeds will be used for growth projects, such as the Big Hill Project, regional exploration programs and general working capital purposes.
Crocodile Gold is a Toronto-based gold mining company.
| Issuer: | Crocodile Gold Corp.
|
| Issue: | Units of one common share and a quarter-share warrant
|
| Amount: | C$18 million
|
| Units: | 69,230,770
|
| Price: | C$0.26
|
| Warrants: | One quarter-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike prices: | C$0.35 in the first year, C$0.40 in the second year
|
| Investor: | Sprott Asset Management LP
|
| Pricing date: | Feb. 20
|
| Settlement date: | Feb. 28
|
| Stock symbol: | Toronto: CRK
|
| Stock price: | C$0.26 at close Feb. 19
|
| Market capitalization: | C$117.85 million
|
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