By Devika Patel
Knoxville, Tenn., July 10 - Oro Gold Resources Ltd. said it raised C$1.6 million in the first tranche of a C$1.93 million non-brokered private placement of units. The deal priced June 10.
The company sold 2.9 million units at C$0.55 per unit in this tranche. It plans to sell 3.5 million units total.
Each unit consists of one common share and one half-share warrant. Each whole two-year warrant will be exercisable at C$0.75 for the first year and at C$1.00 thereafter.
Proceeds will be used to further define and expand the gold resource at Oro's Trinidad property in Sinaloa, Mexico, and for other corporate purposes and general working capital.
Vancouver, B.C.-based Oro is a gold exploration company with 13 projects in Mexico and Panama.
Issuer: | Oro Gold Resources Ltd.
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Issue: | Units of one common share and one half-share warrant
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Amount: | C$1,925,000
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Units: | 3.5 million
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Price: | C$0.55
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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$0.75 for the first year, C$1.00 thereafter
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Agent: | Non-brokered
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Pricing date: | June 10
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Settlement date: | July 10 (for C$1,595,000)
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Stock symbol: | TSX Venture: OGR
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Stock price: | C$0.59 at close June 9
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