75 million units of one share and one warrant sold at C$0.10 per unit
By Devika Patel
Knoxville, Tenn., July 27 – Kilo Goldmines Ltd. said it raised C$930,000 in the first tranche of a C$7.5 million non-brokered private placement of units.
The company is selling 75 million units of one common share and one warrant at C$0.10 per unit. It sold 9.3 million units in the initial tranche.
The two-year warrants are exercisable at C$0.135, a 3.57% discount to the July 26 closing price of C$0.14.
Osisko Mining Corp. bought 2 million units for C$200,000 in the first tranche.
Proceeds will be used for exploration of the company’s gold properties in the Democratic Republic of Congo, working capital and other general corporate purposes.
Sprott Private Wealth LP will be a finder.
The gold exploration and development company is based in Toronto.
| Issuer: | Kilo Goldmines Ltd.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | C$7.5 million
|
| Units: | 75 million
|
| Price: | C$0.10
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.135
|
| Agent: | Non-brokered
|
| Investor: | Osisko Mining Corp. (for C$200,000)
|
| Settlement date: | July 27 (for C$930,000)
|
| Stock symbol: | TSX Venture: KGL
|
| Stock price: | C$0.14 at close July 26
|
| Market capitalization: | C$9.06 million
|
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