Brokered, non-brokered deals fund exploration, development activities
By Devika Patel
Knoxville, Tenn., Dec. 6 - Banks Island Gold Ltd. said it will conduct a C$1.5 million brokered private placement of units. There is a C$500,000 greenshoe for the deal, which will close concurrently with a C$500,000 non-brokered offering.
In the brokered deal, the company will sell 2,727,200 flow-through common shares at C$0.55 per share. The price per share reflects a 1.85% premium to the Dec. 5 closing share price of C$0.54.
The deal will be conducted on a best-efforts basis by Salman Partners Inc. The company will also sell 909,090 flow-through common shares on a non-brokered basis at the same price.
Settlement is expected Dec. 29.
Proceeds will be used for exploration and development activities on the company's Yellow Giant Gold property.
Vancouver, B.C.-based Banks Island is a gold explorer.
| Issuer: | Banks Island Gold Ltd.
|
| Issue: | Flow-through common shares
|
| Amount: | C$2 million
|
| Shares: | 3,636,290
|
| Price: | C$0.55
|
| Warrants: | No
|
| Pricing date: | Dec. 6
|
| Settlement date: | Dec. 29
|
| Stock symbol: | TSX Venture: BOZ
|
| Stock price: | C$0.46 at close Dec. 6
|
|
|
| Brokered placement
|
| Amount: | C$1,499,960
|
| Greenshoe: | C$500,000
|
| Shares: | 2,727,200
|
| Agent: | Salman Partners Inc.
|
|
|
| Non-brokered placement
|
| Amount: | C$500,000
|
| Shares: | 909,090
|
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