By Devika Patel
Knoxville, Tenn., March 23 - First Gold Exploration Inc. said it took in C$397,501 in the first tranche of a C$2.1 million non-brokered private placement of units.
The company is selling units at C$0.35 apiece. It sold 1,135,718 units in this tranche.
Each unit consists of one common share and one half-share warrant. Each whole warrant will be exercisable at C$0.50 for two years.
Proceeds will be used for property development and working capital purposes.
The mineral explorer is based in Laval, Quebec.
| Issuer: | First Gold Exploration Inc.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | C$2.1 million
|
| Price: | C$0.35
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.50
|
| Agent: | Non-brokered
|
| Announcement date: | March 23
|
| Settlement date: | March 23 (for C$397,501)
|
| Stock symbol: | TSX Venture: EFG
|
| Stock price: | C$0.33 at close March 22
|
| Market capitalization: | C$14.7 million
|
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