Proceeds fund working capital while ramping production at Konongo Gold Project
By Toni Weeks
San Diego, Sept. 30 - Signature Metals Ltd. said it has arranged a subscription agreement for a private placement of its common shares to raise A$5.29 million.
The company will sell 352,770,680 shares at A$0.015 apiece in three tranches to investor Infiniti Premium Resources Ltd. The price is a 15.38% premium to the closing price of A$0.013 on Sept. 29.
According to a company announcement, 133,333,333 shares will be issued immediately for proceeds of A$2 million, another tranche of 133,333,333 shares will be issued on or before Oct. 15 for proceeds of A$2 million and 86,104,014 shares will be issued on or before Nov. 15 to raise A$1,291,560.
Proceeds will be used for working capital while the company continues ramping up its processing plant at the Konongo Gold project to commercial production.
Signature Metals is a gold, iron ore, nickel and copper explorer based in West Perth, Australia.
| Issuer: | Signature Metals Ltd.
|
| Issue: | Shares
|
| Amount: | A$5,291,560
|
| Shares: | 352,770,680
|
| Price: | A$0.015
|
| Warrants: | No
|
| Investor: | Infiniti Premium Resources Ltd.
|
| Pricing date: | Sept. 30
|
| Stock symbol: | Australia: SBL
|
| Stock price: | A$0.013 at close Sept. 29
|
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