By Devika Patel
Knoxville, Tenn., Aug. 11 - Oro Gold Resources Ltd. announced it completed the second and final tranche of a non-brokered private placement of units, raising C$217,250.
The deal priced for up to C$1.93 million on June 10 and the company raised C$1.59 million in the first tranche on July 10. The company said Monday it raised a total of C$1.8 million in this placement.
The company sold a total of 3,280,444 units at C$0.55 per unit. It sold 395,000 units in this tranche. It had planned to sell up to 3.5 million units.
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 then at C$1.00.
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.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | C$1,804,244.20
|
| Units: | 3,280,444
|
| Price: | C$0.55
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.75 for the first year, then at C$1.00
|
| Agent: | Non-brokered
|
| Pricing date: | June 10
|
| Settlement date: | July 10 (for C$1,587,000), Aug. 11 (for C$217,250)
|
| Stock symbol: | TSX Venture: OGR
|
| Stock price: | C$0.59 at close June 9
|
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