Non-brokered offering slated to fund revised 43-101 Technical Report
By Devika Patel
Knoxville, Tenn., March 12 - Aurvista Gold Corp. said it raised C$550,000 on March 9 in the second and final tranche of a C$1.64 million non-brokered private placement of units. The deal, which priced for C$1.5 million with a C$500,000 greenshoe on Feb. 27, raised C$1.09 million on March 2.
The company sold a total of 6,549,000 units of one common share and one half-share warrant at C$0.25 per unit. It sold 4,349,000 units in the first tranche and 2.2 million units in the second.
Each whole warrant will be exercisable at C$0.35, a 22.81% premium to the March 3 closing share price of C$0.285. The warrants expire on March 2, 2014.
Proceeds will be used to issue a revised 43-101 Technical Report with an updated resource estimate based on the winter drilling program. The remaining proceeds will be used for working capital.
The gold explorer is based in Montreal.
| Issuer: | Aurvista Gold Corp.
|
| Issue: | Units of one common share and a half-share warrant
|
| Amount: | C$1,637,250 (including C$137,250 greenshoe)
|
| Units: | 6,549,000
|
| Price: | C$0.25
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | March 2, 2014
|
| Warrant strike price: | C$0.35
|
| Agent: | Non-brokered
|
| Pricing date: | Feb. 27
|
| Settlement dates: | March 2 (for C$1,087,250), March 9 (for C$550,000)
|
| Stock symbol: | TSX Venture: AVA
|
| Stock price: | C$0.285 at close March 3
|
| Market capitalization: | C$12.13 million
|
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