Offering of common shares with two-year warrants finances project work
By Devika Patel
Knoxville, Tenn., Aug. 29 - Mahdia Gold Corp. said it will raise between C$3 million and C$8 million in a private placement of units.
The company will sell between 7.5 million and 20 million units of one share and a half-share warrant at C$0.40 per unit.
Each whole warrant will be exercisable at C$0.60 for two years. The strike price reflects a 50% premium to the Aug. 28 closing share price of C$0.40.
Proceeds will be used for work at the Omai gold mine, work on the company's other mineral interests in Guyana and general working capital purposes.
Mahdia is a gold exploration company based in Mississauga, Ont.
| Issuer: | Mahdia Gold Corp.
|
| Issue: | Units of one share and a half-share warrant
|
| Amount: | C$3 million (minimum), C$8 million (maximum)
|
| Units: | 7.5 million (minimum), 20 million (maximum)
|
| Price: | C$0.40
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.60
|
| Pricing date: | Aug. 29
|
| Stock symbol: | CNSX: MGD
|
| Stock price: | C$0.39 at close Aug. 29
|
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