Non-brokered offering of flow-through units will finance exploration
By Devika Patel
Knoxville, Tenn., Jan. 2 - Banks Island Gold Ltd. said it settled a C$3.49 million non-brokered private placement of units. The deal priced Dec. 10 and was increased to C$3.2 million from C$2.45 million on Dec. 13.
The company sold 4,150,725 units of one flow-through common share and one half-share warrant at C$0.84 per unit. Each whole 18-month warrant will be exercisable at C$1.09. The strike price reflects a 45.33% premium to the Dec. 7 closing share price of C$0.75.
Proceeds will be used for exploration activities.
Vancouver, B.C.-based Banks Island is a gold explorer.
| Issuer: | Banks Island Gold Ltd.
|
| Issue: | Units of one flow-through common share and one half-share warrant
|
| Amount: | C$3,486,609
|
| Units: | 4,150,725
|
| Price: | C$0.84
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | 18 months
|
| Warrant strike price: | C$1.09
|
| Agent: | Non-brokered
|
| Pricing date: | Dec. 10
|
| Upsized: | Dec. 13
|
| Settlement date: | Jan. 2
|
| Stock symbol: | TSX Venture: BOZ
|
| Stock price: | C$0.75 at close Dec. 7
|
| Market capitalization: | C$24.03 million
|
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