Two-year deal sells stock to Lincoln Park in tranches of 50,000 shares
By Devika Patel
Knoxville, Tenn., Nov. 26 - WestMountain Gold, Inc. arranged a $10 million stock purchase agreement with Lincoln Park Capital Fund, LLC on Nov. 20, according to an 8-K filed Tuesday with the Securities and Exchange Commission. It has already raised $100,000 by selling 113,636 shares.
The company will sell common shares to Lincoln Park over two years in tranches of up to 50,000 shares or $500,000. The purchase price of the shares will be based on the prevailing market prices at the time of sale.
As consideration for its commitment, Lincoln Park received 242,529 shares and will receive 404,216 additional shares.
Proceeds will be used for general and administrative expenses and working capital.
The gold explorer is based in Denver.
| Issuer: | WestMountain Gold, Inc.
|
| Issue: | Stock purchase agreement
|
| Amount: | $10 million
|
| Tenor: | Two years
|
| Warrants: | No
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| Investor: | Lincoln Park Capital Fund, LLC
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| Fees: | 646,745 shares
|
| Settlement date: | Nov. 20 (for $100,000)
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| Stock symbol: | OTCBB: WMTN
|
| Stock price: | $0.88 at close Nov. 19
|
| Market capitalization: | $21.79 million
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