Non-brokered deal conducted at C$0.25 per unit to finance exploration
By Devika Patel
Knoxville, Tenn., Feb. 20 - Mahdia Gold Corp. said it raised C$260,000 in the first tranche of a C$3.5 million non-brokered private placement of units. The deal priced Nov. 2 and was revised on Jan. 4.
The company is selling units of one common share and one warrant at C$0.25 per unit, with each warrant exercisable at C$0.40 for two years. The strike price is a 60% premium to the Nov. 2 closing share price of C$0.25.
In the first tranche, Mahdia sold 1.04 million units.
The company previously planned to sell 14 million common shares at C$0.25 apiece. The price per share was identical to the Nov. 2 closing share price.
Proceeds will be used for exploration activities in Guyana and general working capital.
Mahdia is a gold exploration company based in Mississauga, Ont.
| Issuer: | Mahdia Gold Corp.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | C$3.5 million
|
| Price: | C$0.25
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.40
|
| Agent: | Non-brokered
|
| Pricing date: | Nov. 2
|
| Revised: | Jan. 4
|
| Settlement date: | Feb. 20 (for C$260,000)
|
| Stock symbol: | CNSX: MGD
|
| Stock price: | C$0.25 at close Nov. 2
|
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