By Sheri Kasprzak
New York, Nov. 28 - Little Squaw Gold Mining Co. said it has completed a private placement of convertible debentures for $1 million.
RAB Special Situations (Master) Fund Ltd., a fund managed by RAB Capital plc, bought the debentures. The investment makes RAB the company's first institutional investor and its largest shareholder.
The 6% debentures mature on Nov. 21, 2008 and are convertible into common shares at $0.10 each.
RAB also received warrants for 2.5 million class A shares, exercisable at $0.30 each for three years.
Strata Partners, LLC was the placement agent.
Proceeds will be used for exploration and development of the company's Chandalar, Alaska-based mining property. The rest will be used for working capital.
Based in Spokane, Wash., Little Squaw is a gold exploration company.
| Issuer: | Little Squaw Gold Mining Co.
|
| Issue: | Convertible debentures
|
| Amount: | $1 million
|
| Maturity: | Nov. 21, 2008
|
| Coupon: | 6%
|
| Price: | Par
|
| Yield: | 6%
|
| Conversion price: | $0.10
|
| Warrants: | For 2.5 million class A shares
|
| Warrant expiration: | Three years
|
| Warrant strike price: | $0.30
|
| Investor: | RAB Special Situations (Master) Fund Ltd.
|
| Placement agent: | Strata Partners, LLC
|
| Settlement date: | Nov. 22
|
| Stock price: | $0.23 at close Nov. 22
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
