Two types of unit sold to fund Yellow Giant Gold Property exploration
By Devika Patel
Knoxville, Tenn., June 12 – Banks Island Gold Ltd. said it will conduct a C$4 million non-brokered private placement of units.
The company will sell 4,444,444 units of one common share and one warrant at C$0.45 per unit and 4 million flow-through units of one flow-through common share and one half-share warrant at C$0.50 per unit.
Each whole two-year warrant will be exercisable at C$0.60, a 13.21% premium to the June 11 closing share price of C$0.53.
Settlement is expected June 20.
Proceeds will be used for exploration and development activities on the Yellow Giant Gold Property in British Columbia.
Secutor Capital Management Corp. and other finders will be paid an 8% fee.
Vancouver, B.C.-based Banks Island is a gold explorer.
Issuer: | Banks Island Gold Ltd.
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Issue: | Units of one common share and one warrant, flow-through units of one flow-through common share and one half-share warrant
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Amount: | C$4 million
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Warrant expiration: | Two years
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Warrant strike price: | C$0.60
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Agent: | Non-brokered
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Pricing date: | June 12
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Settlement date: | June 20
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Stock symbol: | TSX Venture: BOZ
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Stock price: | C$0.53 at close June 11
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Market capitalization: | C$26.58 million
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Units
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Amount: | C$2 million
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Units: | 4,444,444
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Price: | C$0.45
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Warrants: | One warrant per unit
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Flow-through units
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Amount: | C$2 million
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Units: | 4 million
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Price: | C$0.50
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Warrants: | One half-share warrant per unit
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