By Devika Patel
Knoxville, Tenn., April 1 - KWG Resources Inc. said it raised C$4.89 million in the first tranche of a C$10 million non-brokered private placement of units. The deal priced on March 19.
The company is selling 80 million units at C$0.125 apiece. It sold 39.09 million units in this tranche. Each unit consists of one flow-through common share and one half-share warrant. Each whole warrant will be exercisable at C$0.15 for two years.
Proceeds will be used for exploration.
KWG is a mineral exploration company based in Montreal.
| Issuer: | KWG Resources Inc.
|
| Issue: | Units of one flow-through common share and one half-share warrant
|
| Amount: | C$10 million
|
| Units: | 80 million
|
| Price: | C$0.125
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.15
|
| Agent: | Non-brokered
|
| Pricing date: | March 19
|
| Settlement date: | April 1 (for C$4,886,250)
|
| Stock symbol: | TSX Venture: KWG
|
| Stock price: | C$0.125 at close March 19
|
| Market capitalization: | C$60.1 million
|
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