Deal sells two types of units, funds work program at Bonaparte property
By Devika Patel
Knoxville, Tenn., Dec. 23 – WestKam Gold Corp. said it raised C$537,000 in the first tranche of a C$1.95 million non-brokered private placement of units. The deal priced on Nov. 18.
The company will sell up to 65 million units or flow-through units at C$0.03 per unit or flow-through units, with up to 51,333,333 of the units as flow-through units. The units are comprised of one common share and one warrant, and the flow-through units consist of one flow-through common share and one warrant.
Each warrant is exercisable at C$0.05 for five years. The strike price reflects a 150% premium to the Nov. 17 closing share price of C$0.02.
WestKam sold 6.2 million units and 11.7 million flow-through units in the first tranche.
Proceeds will be used to conduct a phase 2 work program on the Bonaparte property, to repay debt and for working capital and general corporate purposes.
WestKam is a natural resource and gold explorer in Vancouver, B.C.
| Issuer: | WestKam Gold Corp.
|
| Issue: | Units of one common share and one warrant, flow-through units of one flow-through common share and one warrant
|
| Amount: | C$1.95 million
|
| Price: | C$0.03
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Five years
|
| Warrant strike price: | C$0.05
|
| Agent: | Non-brokered
|
| Pricing date: | Nov. 18
|
| Settlement date: | Dec. 23 (for C$537,000)
|
| Stock symbol: | TSX Venture: WKG
|
| Stock price: | C$0.02 at close Nov. 17
|
| Market capitalization: | C$2 million
|
|
|
| Flow-through units
|
| Amount: | C$1.54 million (maximum)
|
| Units: | 51,333,333 (maximum)
|
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