By Devika Patel
Knoxville, Tenn., July 7 - Oro Gold Resources Ltd. said it has completed a C$12.04 million private placement of units. The deal priced for C$4 million with a C$4 million greenshoe on June 16 and was lifted to C$9.03 million with a C$3.01 million greenshoe on June 17.
The company sold 17.2 million units at C$0.70 per unit. Of the units sold, 4.3 million were part of the fully exercised greenshoe.
Each unit consists of one common share and one half-share warrant. Each whole warrant will be exercisable at C$1.00 for 18 months.
The deal was conducted by a syndicate of underwriters led by Wellington West Capital Markets Inc.
Proceeds will be used for exploration and development on the company's Trinidad gold property in Mexico and for working capital and general corporate purposes.
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$12.04 million, including exercised C$3.01 million greenshoe
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Units: | 17.2 million
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Price: | C$0.70
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Warrants: | One half-share warrant per unit
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Warrant expiration: | 18 months
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Warrant strike price: | C$1.00
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Underwriter: | Wellington West Capital Markets Inc. (lead)
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Pricing date: | June 16
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Upsized: | June 17
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Settlement date: | July 7
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Stock symbol: | TSX Venture: OGR
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Stock price: | C$0.84 at close June 15
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Market capitalization: | C$20.2 million
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