Company sells units at C$0.25 each to fund drilling at Gold Springs
By Devika Patel
Knoxville, Tenn., Nov. 29 - High Desert Gold Corp. said Thursday that it has arranged a non-brokered private placement of units. The deal will raise C$3 million.
The company will sell 12 million units of one common share and one half-share warrant at C$0.25 per unit. The whole warrants are exercisable at C$0.40 each for 18 months. The strike price reflects a 4.76% discount to the Nov. 26 closing share price of C$0.42.
"This financing will be very important for the company and for our shareholders as it will allow us to proceed with our drilling plans at the developing Gold Springs gold project along the Utah/Nevada border and to progress the exploration at our other projects, including San Antonio in Sonora, Mexico. We are currently permitting 100 drill holes at Gold Springs and plan to start drilling in late winter, early spring, subject to permitting approval," president and chief executive officer Ralph Fitch stated.
Vancouver, B.C.-based High Desert is a mineral exploration company.
| Issuer: | High Desert Gold Corp.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | C$3 million
|
| Units: | 12 million
|
| Price: | C$0.25
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | 18 months
|
| Warrant strike price: | C$0.40
|
| Agent: | Non-brokered
|
| Pricing date: | Nov. 25
|
| Stock symbol: | TSX Venture: HDG
|
| Stock price: | C$0.42 at close Nov. 26
|
| Market capitalization: | C$10.53 million
|
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