Units of stock with whole, five-year warrants sold at C$0.02 per unit
By Devika Patel
Knoxville, Tenn., April 19 – KWG Resources Inc. said it raised C$1.36 million in the first tranche of a C$1.5 million private placement of units. The deal priced on March 31.
The company is selling 75 million units of one share and one warrant at C$0.02 per unit. It sold 68 million units in the initial tranche.
Each warrant is exercisable at C$0.05 for five years.
Settlement of the remaining C$140,000 is expected April 29.
Proceeds will be used for a feasibility study conducted by China Railway First Survey & Design Institute Group Co., Ltd. and working capital.
Based in Montreal, KWG explores for diamonds and base and precious metals.
| Issuer: | KWG Resources Inc.
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| Issue: | Units of one share and one warrant
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| Amount: | C$1.5 million
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| Units: | 75 million
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| Price: | C$0.02
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| Warrants: | One warrant per unit
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| Warrant expiration: | Five years
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| Warrant strike price: | C$0.05
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| Pricing date: | March 31
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| Settlement date: | April 19 (for C$1.36 million), April 29 (for C$140,000)
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| Stock symbol: | CNSX: KWG
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