By Sheri Kasprzak
New York, Nov. 1 - Orko Gold Corp. said it negotiated a private placement for up to C$4 million.
The non-brokered offering includes up to 10 million units at C$0.40 each.
The units are comprised of one share and one half-share warrant. The whole warrants allow for the purchase of another share at C$0.50 each for the first year and C$0.60 each for the second year.
The expiry of the warrants may be accelerated to 30 days if the company's stock trades above C$1.00 for more than 10 consecutive trading days.
Proceeds will be used for phase III drilling on the company's Mexican mineral properties and working capital.
Based in Vancouver, B.C., Orko is a gold exploration company.
Issuer: | Orko Gold Corp.
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Issue: | Units of one share and one half-share warrant
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Amount: | C$4 million
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Units: | 10 million
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Price: | C$0.40
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Warrants: | One half-share warrant per unit
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Warrant expiration: | Two years
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Warrant strike price: | C$0.50 for the first year; C$0.60 for the second year
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Placement agent: | Non-brokered
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Pricing date: | Nov. 1
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Stock price: | C$0.425 at close Nov. 1
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