Yinfu Gold takes in $1.58 million through private placement of stock

Deal's proceeds to be used for general company purposes, acquisitions

By Devika Patel

Knoxville, Tenn., Aug. 30 - Yinfu Gold Corp. said it has completed a $1.58 million private placement of shares. The deal was announced as a $3 million offering on July 5 and was to be conducted with Legarleon Securities Ltd., but the company opted to place the shares privately instead.

Proceeds will be used for general company purposes and the Abbots Brook and future acquisitions.

"We raised the amount needed to fund our current requirements, and now I've been able to find a convertible financing facility that will not be as dilutive as this round, which will better serve the interests of company and shareholders," chief executive officer Tsap Wai Ping said in a press release.

The company said it will disclose the terms of the financing once it is finalized.

The gold exploration and mining company is based in Kowloon, Hong Kong.

© 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.