Non-brokered offering sells units with half-share warrants at C$0.40
By Devika Patel
Knoxville, Tenn., March 30 - Lago Dourado Minerals Ltd. said it raised C$7.82 million in the first tranche of its C$10 million non-brokered private placement of units. The deal priced for C$8 million on March 7 and was increased on March 28.
The company is selling 25 million units of one common share and one half-share warrant at C$0.40 per unit. It sold 19.55 million units in the initial tranche.
Each whole warrant will be exercisable at C$0.60 for 18 months. The strike price reflects a 51.9% premium to C$0.395, the March 6 closing share price.
Settlement of the second tranche is scheduled for April 5.
Lago Dourado is a Toronto-based gold explorer.
| Issuer: | Lago Dourado Minerals Ltd.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | C$10 million
|
| Units: | 25 million
|
| Price: | C$0.40
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | 18 months
|
| Warrant strike price: | C$0.60
|
| Agent: | Non-brokered
|
| Pricing date: | March 7
|
| Upsized: | March 28
|
| Settlement: | March 30 (for C$7.82 million), April 5
|
| Stock symbol: | TSX Venture: LDM
|
| Stock price: | C$0.395 at close March 6
|
| Market capitalization: | C$28.68 million
|
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