By Sheri Kasprzak
Atlanta, Nov. 1 - MBA Gold Corp. will raise C$1 million in a private placement, the company said late Friday.
The deal consists of 5 million units of one share and one purchase warrant at C$0.20. About 75% of the units will be flow-through units.
The warrants are exercisable for one year and allow for the purchase of an additional share at C$0.25.
The flow-through proceeds will fund MBA's drilling expenses on its Dover and Gautreau oil and gas prospects in 2005. The rest of the funds will be used for mineral exploration and working capital.
MBA Gold is a Vancouver, B.C.-based petroleum and natural gas company and also has gold-exploration concerns in the western United States.
| Issuer: | MBA Gold Corp.
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| Issue: | Units of one share and one purchase warrant
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| Amount: | C$1 million
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| Shares: | 5 million units
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| Price: | C$0.20
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| Warrants: | One warrant per unit
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| Warrant expiration: | One year
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| Warrant strike price: | C$0.25
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| Settlement date: | Oct. 29
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| Stock price: | C$0.25 at close Oct. 29
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