By Sheri Kasprzak
New York, April 10 - Oro Gold Resources Ltd. has completed an oversubscribed PIPE for C$2.52 million.
The company issued 3.5 million units at C$0.72 apiece.
The units are composed of one share and one half-share warrant. The whole warrants allow for the purchase of another share at C$1.00 each for the first year and C$1.25 each for the second year.
Haywood Securities Inc. was the placement agent.
Oro priced the deal on March 6 as a C$2.16 million offering of 3 million units.
Proceeds will be used for exploration on the company's Rosario gold-silver mining district properties in Mexico. The rest will be used for working capital.
Vancouver, B.C.-based Oro is a gold exploration company.
| Issuer: | Oro Gold Resources Ltd.
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| Issue: | Units of one share and one half-share warrant
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| Amount: | C$2.52 million
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| Units: | 3.5 million
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| Price: | C$0.72
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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$1.00 for the first year, C$1.25 for the second year
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| Placement agent: | Haywood Securities Inc.
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| Pricing date: | March 6
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| Settlement date: | April 10
|
| Stock symbol: | TSX Venture: OGR
|
| Stock price: | C$0.78 at close March 3
|
| Stock price: | C$1.05 at close April 10
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