By Sheri Kasprzak
New York, Aug. 25 - Keegan Resources Inc. said it has arranged a C$2.4 million private placement
The non-brokered offering includes up to 3 million units at C$0.80 each.
The units consist of one share and one warrant. The warrants allow for the purchase of an additional share at C$1 each for two years.
The expiry of the warrants may be accelerated to 30 days if the company's stock trades above C$2 for more than 10 consecutive trading days.
The proceeds will be used for drilling in Nevada and for exploration activities in Ghana.
Based in Vancouver, B.C., Keegan is a gold exploration company.
| Issuer: | Keegan Resources Inc.
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| Issue: | Units of one share and one warrant
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| Amount: | C$2.4 million
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| Units: | 3 million
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| Price: | C$0.80
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| Warrants: | One warrant per unit
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| Warrant expiration: | Two years
|
| Warrant strike price: | C$1
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| Pricing date: | Aug. 25
|
| Stock price: | C$0.85 at close Aug. 25
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