100 million units of one share and one warrant sold at C$0.10 apiece
By Devika Patel
Knoxville, Tenn., Aug. 25 – Kilo Goldmines Ltd. said it raised C$9.07 million in the second and final tranche of a C$10 million non-brokered private placement of units. The deal raised C$930,000 on July 27, when the deal was announced to raise C$7.5 million. The offering was increased by C$2.5 million due to “significant demand,” the company said in a press release.
Kilo sold 100 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 and 90.7 million units in the second 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 and 5 million units for C$500,000 in the second. Resolute Mining Ltd. bought 24.7 million units for C$2.47 million in the second 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.
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$10 million
|
| Units: | 100 million
|
| Price: | C$0.10
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.135
|
| Agent: | Non-brokered
|
| Investors: | Osisko Mining Corp. (for C$700,000), Resolute Mining Ltd. (for C$2.47 million)
|
| Settlement dates: | July 27 (for C$930,000), Aug. 25 (for C$9.07 million)
|
| Stock symbol: | TSX Venture: KGL
|
| Stock price: | C$0.14 at close July 26
|
| Market capitalization: | C$13.03 million
|
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