Proceeds to develop Spanish Mountain and explore Cedar Creek claims
By Devika Patel
Knoxville, Tenn., July 13 - Spanish Mountain Gold Ltd. said it completed a C$20 million private placement of units. The deal priced for C$15 million on June 30.
The company sold 33,333,328 units of one common share and one half-share warrant at C$0.60 per unit. Each whole warrant will be exercisable at C$0.70 for two years. The strike price reflects a 16.67% premium to the June 29 closing share price of C$0.60.
Insiders participated in C$3.48 million of the offering.
Proceeds will be used for development of the company's Spanish Mountain gold project, to explore the Cedar Creek claims and for general corporate purposes.
The gold explorer is based in Vancouver, B.C.
| Issuer: | Spanish Mountain Gold Ltd.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | C$20 million
|
| Units: | 33,333,328
|
| Price: | C$0.60
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.70
|
| Investor: | Ian Watson (for C$3 million)
|
| Pricing date: | June 30
|
| Settlement date: | July 13
|
| Stock symbol: | TSX Venture: SPA
|
| Stock price: | C$0.60 at close June 29
|
| Market capitalization: | C$75.88 million
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
