Company offers common shares, 18-month warrants at C$0.05 per unit
By Devika Patel
Knoxville, Tenn., May 29 - Open Gold Corp. said it plans a C$2.5 million private placement of units.
The company will sell 50 million units of one common share and one warrant at C$0.05 per unit. Each 18-month warrant will be exercisable at C$0.10. The strike price is a 233.33% premium to C$0.03, the May 28 closing share price.
Proceeds will be used for exploration and development of the Independence Project and working capital.
The gold mining company is based in Vancouver, B.C.
| Issuer: | Open Gold Corp.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | C$2.5 million
|
| Units: | 50 million
|
| Price: | C$0.05
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | 18 months
|
| Warrant strike price: | C$0.10
|
| Pricing date: | May 29
|
| Stock symbol: | TSX Venture: OPG
|
| Stock price: | C$0.03 at close May 28
|
| Market capitalization: | C$734,390
|
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