Non-brokered offering funds exploration and general corporate purposes
By Devika Patel
Knoxville, Tenn., June 30 – Marathon Gold Corp. said it raised C$2.48 million in the initial tranche of a C$3.5 million non-brokered private placement of units and stock. The deal priced on June 23.
The company is selling units of one common share and one half-share warrant at C$0.25 per unit. Each whole warrant is exercisable at C$0.34 for two years.
The company also is selling flow-through common shares at C$0.30 apiece.
The warrant strike price and price per share reflect 21.43% and 7.14% premiums to the June 22 closing share price of C$0.28.
Marathon Gold sold 2,556,666 flow-through shares and 6,865,000 units in the first tranche.
Proceeds will be used for exploration and general corporate purposes.
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$3.5 million
|
| Agent: | Non-brokered
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| Pricing date: | June 23
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| Settlement date: | June 30 (for C$2,483,250)
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| Stock symbol: | Toronto: MOZ
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| Stock price: | C$0.28 at close June 22
|
| Market capitalization: | C$18.01 million
|
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| Units
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| Price: | C$0.25
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.34
|
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|
| Shares
|
| Price: | C$0.30
|
| Warrants: | No
|
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