M Partners assists in raising funds for exploration, working capital
By Toni Weeks
San Luis Obispo, Calif., March 8 - Banks Island Gold Ltd. said it will conduct a C$6 million private placement of units with a 15% greenshoe via agent M Partners Inc.
The company will sell 5,882,353 flow-through units of one flow-through common share and one half-share warrant at C$0.68 per unit and 3,232,062 common-share units of one common share and one half-share warrant at C$0.62 per unit on a best-efforts basis.
Each whole, 18-month warrant will be exercisable at C$0.90. The strike price reflects a 32.35% premium to the March 7 closing share price of C$0.68.
Settlement is expected March 26.
Proceeds will be used for exploration activities and working capital.
Vancouver, B.C.-based Banks Island is a gold explorer.
| Issuer: | Banks Island Gold Ltd.
|
| Issue: | Flow-through units of one flow-through common share and one half-share warrant, common units of one common share and one half-share warrant
|
| Amount: | C$6,003,878
|
| Greenshoe: | 15%
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | 18 months
|
| Warrant strike price: | C$0.90
|
| Agent: | M Partners Inc.
|
| Pricing date: | March 8
|
| Settlement date: | March 26
|
| Stock symbol: | TSX Venture: BOZ
|
| Stock price: | C$0.68 at close March 7
|
| Market capitalization: | C$23.02 million
|
|
|
| Flow-through units
|
| Amount: | C$4 million
|
| Units: | 5,882,353
|
| Price: | C$0.68
|
|
|
| Common-share units
|
| Amount: | C$2,003,878
|
| Units: | 3,232,062
|
| Price: | C$0.62
|
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