By Devika Patel
Knoxville, Tenn., Dec. 18 - Oro Gold Resources Ltd. said it raised C$2.43 million in a non-brokered private placement of units. The oversubscribed deal priced on Nov. 16 for C$1.88 million.
The company sold 3,236,599 units at C$0.75 per unit. It planned to sell 2.5 million units at that price. Each 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$2,427,449
|
| Units: | 3,236,599
|
| 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
|
| Settlement date: | Dec. 18
|
| Stock symbol: | TSX Venture: OGR
|
| Stock price: | C$0.71 at close Nov. 15
|
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