Non-brokered offering priced at C$0.15 per unit, finances exploration
By Devika Patel
Knoxville, Tenn., May 4 - Frontline Gold Corp. said it plans a C$4 million non-brokered private placement of units.
The company will sell 26,666,667 units at C$0.15 apiece.
Each unit consists of one common share and one warrant, with each warrant exercisable at C$0.20 for 18 months. The strike price reflects a 53.85% premium to the May 3 closing share price of C$0.13.
Settlement is expected May 17.
Proceeds will be used for exploration of the company's mineral properties, working capital and general corporate purposes.
Halifax, N.S.-based Frontline is a gold explorer.
| Issuer: | Frontline Gold Corp.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | C$4 million
|
| Units: | 26,666,667
|
| Price: | C$0.15
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | 18 months
|
| Warrant strike price: | C$0.20
|
| Agents: | Non-brokered
|
| Pricing date: | May 4
|
| Settlement date: | May 17
|
| Stock symbol: | TSX Venture: FGC
|
| Stock price: | C$0.13 at close May 3
|
| Market capitalization: | C$7.5 million
|
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