Placement of stock-and-warrant units increased from C$1.5 million
By Angela McDaniels
Tacoma, Wash., April 29 – KWG Resources Inc. raised C$390,000 in the second and final tranche of a C$1.75 million private placement of units. The deal priced on March 31 and was upsized from C$1.5 million.
The company is selling 87.5 million units of one share and one warrant at C$0.02 per unit. It sold 68 million units for C$1.36 million in the initial tranche.
Each five-year warrant is exercisable at C$0.05, which is double the closing share price prior to pricing.
Proceeds will be used for a feasibility study conducted by China Railway First Survey & Design Institute Group Co., Ltd. and for 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$1.75 million
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| Units: | 87.5 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 dates: | April 19 (for C$1.36 million), April 29 (for C$390,000)
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| Stock symbol: | CSE: KWG
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| Stock price: | C$0.025 at close March 30
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