Desafio Minero buys shares at C$0.40 to fund exploration at Cisneros
By Devika Patel
Knoxville, Tenn., Jan. 21 - Antioquia Gold Inc. said it has negotiated a non-brokered private placement of stock. The deal will raise C$7.78 million.
The company will sell 19,455,495 common shares at C$0.40 apiece to Desafio Minero SAC. The price per share is a 25% premium to the Jan. 20 closing share price, C$0.32.
Proceeds will be used primarily to accelerate exploration efforts at Antioquia's principal asset, the Cisneros Project. The funds will be used to accelerate the current surface exploration program to expand the drill targets and potential gold-bearing structures. The company will also initiate development of two underground tunnels to facilitate further drilling.
Antioquia is a gold exploration company based in Calgary, Alta.
| Issuer: | Antioquia Gold Inc.
|
| Issue: | Common shares
|
| Amount: | C$7,782,198
|
| Units: | 19,455,495
|
| Price: | C$0.40
|
| Warrants: | No
|
| Agent: | Non-brokered
|
| Investor: | Desafio Minero SAC
|
| Pricing date: | Jan. 21
|
| Settlement date: | Jan. 31
|
| Stock symbol: | TSX Venture: AGD
|
| Stock price: | C$0.32 at close Jan. 21
|
| Market capitalization: | C$24.58 million
|
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