By Devika Patel
Knoxville, Tenn., Nov. 16 - Oro Gold Resources Ltd. announced it plans to raise C$1,875,000 in a non-brokered private placement of units.
The company will sell 2.5 million units at C$0.75 per unit. Each flow-through unit consists of one common share and one half-share warrant. Each whole two-year warrant will be exercisable at C$1.00 for the first year and at C$1.25 thereafter.
Proceeds will be used to define and expand the gold resource at Oro's Trinidad property in Sinaloa, Mexico.
Vancouver, B.C.-based Oro is a gold exploration company with 13 projects in Mexico and Panama.
| Issuer: | Oro Gold Resources Ltd.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | C$1,875,000
|
| Units: | 2.5 million
|
| Price: | C$0.75
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$1.00 for the first year, C$1.25 thereafter
|
| Agent: | Non-brokered
|
| Pricing date: | Nov. 16
|
| Stock symbol: | TSX Venture: OGR
|
| Stock price: | C$0.71 at close Nov. 15
|
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