By Sheri Kasprzak
New York, Feb. 8 - Molycor Gold Corp. said it has upsized to C$1,014,000 its previously announced C$360,000 private placement.
The company now intends to sell up to 8.45 million units at C$0.12 each.
The units consist of one share and one warrant. The warrants are exercisable at C$0.15 each for the first year and at C$0.20 each for the second year.
Sextant Strategic Opportunities Hedge Fund LP agreed to buy 500,000 units.
Proceeds will be used for working capital and exploration.
The deal priced on Jan. 20 as a C$360,000 offering of up to 3 million units under the same terms.
Based in White Rock, B.C., Molycor is a gold exploration company.
| Issuer: | Molycor Gold Corp.
|
| Issue: | Units of one share and one warrant
|
| Amount: | C$1,014,000
|
| Units: | 8.45 million
|
| Price: | C$0.12
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.15 for the first year; C$0.20 for the second year
|
| Placement agent: | Non-brokered
|
| Investor: | Sextant Strategic Opportunities Hedge Fund LP (for 500,000 units)
|
| Pricing date: | Jan. 20
|
| Upsized: | Feb. 7
|
| Stock symbol: | TSX Venture: MOR
|
| Stock price: | C$0.13 at close Jan. 20
|
| Stock price: | C$0.15 at close Feb. 7
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