By Laura Lutz
Chicago, Oct. 20 - Trade Winds Ventures Inc. closed the second and final tranche of a private placement for total proceeds of C$3.832 million.
The most recent tranche included 1.5 million flow-through shares at C$0.50 each, for proceeds of C$750,000.
The initial closing consisted of 4.5 million flow-through shares at the same price and 2.081 million units of one non flow-through common share and one half-share transferable non flow-through warrant at C$0.40 per unit, for proceeds of C$3.082 million.
Each whole warrant is exercisable at C$0.55 for two years.
A syndicate led by Octagon Capital Corp. and including Pacific International Securities Inc. acted as agents for the deal.
Proceeds from the flow-through shares will be used for exploration and development of the company's Detour Lake and Birch Lake gold properties in Ontario and Treasure Mountain copper property in British Columbia. Proceeds from the units will be used for exploration and development, acquisitions, investments and working capital.
Trade Winds, based in Timmins, Ont., is a gold exploration company.
Issuer: | Trade Winds Ventures Inc.
|
Issue: | Flow-through shares and units of one non flow-through share and one half-share transferable non flow-through warrant
|
Amount: | C$3.832 million
|
Agents: | Octagon Capital Corp. (lead), Pacific International Securities Inc.
|
Settlement date: | Aug. 31 (for C$3.082 million); Oct. 20 (for C$750,000)
|
Stock symbol: | TSX Venture: TWD
|
Stock price: | C$0.40 at close Aug. 31
|
Stock price: | C$0.43 at close Oct. 19
|
|
Flow-through shares
|
Shares: | 6 million
|
Price: | C$0.50
|
Warrants: | No
|
|
Units
|
Units: | 2.081 million
|
Price: | C$0.40
|
Warrants: | One half-share warrant per unit
|
Warrant expiration: | Two years
|
Warrant strike price: | C$0.55
|
© 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.