Brokered deal priced alongside non-brokered deal, which will proceed
By Devika Patel
Knoxville, Tenn., Dec. 23 - Banks Island Gold Ltd. said it has canceled plans for a C$1.5 million brokered private placement of units. The deal priced with a C$500,000 greenshoe on Dec. 6, concurrently with a C$500,000 non-brokered offering. The company said it still plans to proceed with the non-brokered sale.
In the non-brokered offering, the company will sell 909,090 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 brokered deal would have been conducted on a best-efforts basis by Salman Partners Inc.
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$500,000
|
| Shares: | 909,090
|
| Price: | C$0.55
|
| Warrants: | No
|
| Agents: | Non-brokered
|
| Pricing date: | Dec. 6
|
| Settlement date: | Dec. 29
|
| Stock symbol: | TSX Venture: BOZ
|
| Stock price: | C$0.46 at close Dec. 6
|
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