Offering's proceeds used for exploration on properties in Newfoundland
By Devika Patel
Knoxville, Tenn., April 22 - Marathon Gold Corp. said it plans to raise C$2.5 million in a non-brokered private placement of units and stock.
The company will sell units of one common share and one half-share warrant at C$0.39 per unit. Each whole warrant is exercisable at C$0.50 for two years.
The company also will sell flow-through common shares at C$0.44 apiece.
The warrant strike price and price per share reflect 31.58% and 15.79% premiums to the April 21 closing share price of C$0.38.
Settlement of the final tranche is expected May 10.
Proceeds will be used for exploration on Marathon's properties in Newfoundland.
The gold resource development company is based in Toronto.
| Issuer: | Marathon Gold Corp.
|
| Issue: | Flow-through common stock, units of one common share and one half-share warrant
|
| Amount: | C$2.5 million
|
| Agent: | Non-brokered
|
| Pricing date: | April 22
|
| Settlement date: | May 10
|
| Stock symbol: | Toronto: MOZ
|
| Stock price: | C$0.38 at close April 21
|
| Market capitalization: | C$23.78 million
|
|
|
| Units
|
| Price: | C$0.39
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.50
|
|
|
| Shares
|
| Price: | C$0.44
|
| Warrants: | No
|
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