Proceeds used for payments, work completion related to acquisitions
By Devika Patel
Knoxville, Tenn., March 4 - Maya Gold & Silver Inc. said it settled the first tranche of a private placement of units. The offering priced for C$3 million on Feb. 24, and the company raised C$1.24 million in this tranche.
The company is selling 6,666,667 units at C$0.45 apiece. It sold 2,764,444 units in the first closing.
Each unit consists of one common share and one warrant, with each warrant exercisable at C$0.70 for two years. The strike price reflects a 75% premium to the Feb. 23 closing share price of C$0.40.
Proceeds will be used for initial payments and completion of work related to planned acquisitions and general corporate working capital purposes.
Based in Montreal, Maya Gold & Silver mines for base and precious metals.
| Issuer: | Maya Gold & Silver Inc.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | C$3 million
|
| Units: | 6,666,667 (2,764,444 in the first tranche)
|
| Price: | C$0.45
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.70
|
| Pricing date: | Feb. 24
|
| Settlement date: | March 4 (for C$1,244,000)
|
| Stock symbol: | TSX Venture: MYA
|
| Stock price: | C$0.40 at close Feb. 23
|
| Market capitalization: | C$16.86 million
|
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