By Devika Patel
Knoxville, Tenn., Sept. 26- Emgold Mining Corp. announced it is proceeding with a private placement of units for C$8 million.
The company plans to sell 72,727,273 units at C$0.11 apiece. Each unit will consist of one common share and one transferable warrant. Each warrant is exercisable at C$0.15 for two years.
Emgold may pay an 8% finder's fee in cash and options for this deal. The options, exchangeable for units, will be exercisable for 18 months at C$0.11 apiece. Each of those units will have the same terms as those in the deal.
All of the units have a four-month hold period.
Proceeds will be used to cover permit application costs for the company's Idaho-Maryland mine and for exploration and working capital.
Emgold is a mining company based in Vancouver, B.C.
| Issuer: | Emgold Mining Corp.
|
| Issue: | Units of one common share and one transferable warrant
|
| Amount: | C$8 million
|
| Units: | 72,727,273 units (approximate)
|
| Price: | C$0.11
|
| Warrants: | One per unit
|
| Warrant strike price: | C$0.15
|
| Warrant expiration: | Two years
|
| Pricing date: | Sept. 26
|
| Stock symbol: | TSX Venture: EMR
|
| Stock price: | C$0.12 at close Sept. 26
|
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