Company sells 3,482,500 units for C$1.39 million in last part of deal
By Marisa Wong
Madison, Wis., Nov. 3 - Kestrel Gold Inc. said it completed the final tranche of a non-brokered private placement of units. The deal priced Sept. 21.
Kestrel is selling 10 million units at C$0.40 apiece for C$4 million.
In the latest part of the deal, the company issued 3,482,500 units at C$0.40 each for C$1.39 million. It sold 4,553,000 units for C$1.82 million in the initial tranche that settled on Oct. 29.
The units consist of one common share and one warrant. Each whole warrant will be exercisable at C$0.60 for one year. The strike price represents a 27.66% premium to C$0.47, the Sept. 20 closing share price.
As previously reported, proceeds will only be used for general working capital purposes until the company gets approval from the TSX Venture exchange to fund its obligations under a loan arrangement.
Based in Calgary, Alta., Kestrel is a gold exploration company.
| Issuer: | Kestrel Gold Inc.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | C$4 million
|
| Units: | 10 million
|
| Price: | C$0.40
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | One year
|
| Warrant strike price: | C$0.60
|
| Agent: | Non-brokered
|
| Pricing date: | Sept. 21
|
| Settlement date: | Oct. 29 (for C$1,821,200); Nov. 3 (for C$1,393,000)
|
| Stock symbol: | TSX Venture: KGC
|
| Stock price: | C$0.48 at close Sept 20
|
| Market capitalization: | C$11.1 million
|
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