Brokered private placement marketed by M Partners and Vicarage Capital
By Devika Patel
Knoxville, Tenn., Nov. 8 - Kilo Goldmines Ltd. said it completed a fourth tranche of a private placement of units. M Partners and Vicarage Capital Ltd. were the lead agents for the deal, which priced for C$5 million on July 23 and has been increased to C$10 million.
The company raised C$1.04 million on Aug. 5 and took in C$300,000 in the second tranche on Aug. 25. It raised C$3.66 million in the third tranche on Oct. 7 and C$4.75 million in Monday's tranche for a total thus far of C$9.75 million.
The company is selling units of one common share and a half-share warrant at C$0.20 apiece. It sold 5,185,300 units in the first closing and 1.5 million units in the second tranche, with 18,314,700 units sold in the third tranche and 23.74 million units in this tranche.
Each full warrant is exercisable at C$0.30 for two years. The strike price represents a 30.43% premium to the July 22 closing share price of C$0.23.
Proceeds will be used for exploration, working capital and general corporate purposes.
The gold exploration and development company is based in Toronto.
| Issuer: | Kilo Goldmines Ltd.
|
| Issue: | Units of one common share and a half-share warrant
|
| Amount: | C$10 million
|
| Price: | C$0.20
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.30
|
| Agents: | M Partners and Vicarage Capital Ltd. (leads)
|
| Pricing date: | July 23
|
| Upsized: | Nov. 8
|
| Settlement date: | Aug. 5 (for C$1,037,060), Aug. 25 (for C$300,000), Oct. 7 (for C$3,662,940), Nov. 8 (for C$4,748,000)
|
| Stock symbol: | TSX Venture: KGL
|
| Stock price: | C$0.22 at close July 23
|
| Market capitalization: | C$18.57 million
|
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