M Partners assists in raising funds for exploration, working capital
By Devika Patel
Knoxville, Tenn., May 8 - Banks Island Gold Ltd. said it raised C$261,325 in the second and final tranche of a C$2.74 million private placement of units. The deal priced for C$6 million with a 15% greenshoe on March 8 and was conducted via agent M Partners Inc. The company raised C$2.48 million on March 26.
Banks Island sold 1,894,910 flow-through units of one flow-through common share and one half-share warrant at C$0.68 per unit and 2,347,587 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.
In the first tranche, Banks Island sold 1,701,000 flow-through units and 2,138,771 common share units. It sold 193,910 flow-through units and 208,816 common share units in the second tranche.
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$2,744,043
|
| 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 (for C$2,482,718), May 8 (for C$261,325)
|
| Stock symbol: | TSX Venture: BOZ
|
| Stock price: | C$0.68 at close March 7
|
| Market capitalization: | C$21.01 million
|
|
|
| Flow-through units
|
| Amount: | C$1,288,539
|
| Units: | 1,894,910
|
| Price: | C$0.68
|
|
|
| Common share units
|
| Amount: | C$1,455,504
|
| Units: | 2,347,587
|
| Price: | C$0.62
|
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