Deal offers 10 million units of one common share, one two-year warrant
By Devika Patel
Knoxville, Tenn., May 23 - Golden Reign Resources Ltd. said it is no longer accepting subscriptions for a C$1.5 million non-brokered private placement of units. The oversubscribed deal priced on Wednesday.
The company will sell 10 million units of one common share and one warrant at C$0.15 per unit.
Each warrant is exercisable at C$0.25 for two years. The strike price reflects a 19.05% premium to the May 21 closing share price of C$0.21.
Proceeds will be used for costs related to the San Albino-Murra Gold Property in Nicaragua and general working capital.
The gold explorer is based in Vancouver, B.C.
| Issuer: | Golden Reign Resources Ltd.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | C$1.5 million
|
| Units: | 10 million
|
| Price: | C$0.15
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.25
|
| Agent: | Non-brokered
|
| Pricing date: | May 22
|
| Upsized: | May 23
|
| Stock symbol: | TSX Venture: GRR
|
| Stock price: | C$0.21 at close May 21
|
| Market capitalization: | C$10.41 million
|
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