Two types of unit sold to fund Yellow Giant Gold Property exploration
By Devika Patel
Knoxville, Tenn., July 11 – Banks Island Gold Ltd. said it raised C$350,750 in the third and final tranche of a C$4.28 million non-brokered private placement of units. The deal priced for C$4 million on June 12 and raised C$3.46 million on June 20 and C$472,790 on July 7.
The company sold 3,542,533 units of one common share and one warrant at C$0.45 per unit and 5,378,500 flow-through units of one flow-through common share and one half-share warrant at C$0.50 per unit.
Banks Island sold 2,449,667 units and 4,715,000 flow-through units in the first tranche. It sold 922,866 units and 115,000 flow-through units in the second tranche and 170,000 units and 548,500 flow-through units in the final tranche.
Each whole two-year warrant is exercisable at C$0.60, a 13.21% premium to the June 11 closing share price of C$0.53.
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.
|
| Issue: | Units of one common share and one warrant, flow-through units of one flow-through common share and one half-share warrant
|
| Amount: | C$4,283,390
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.60
|
| Agent: | Non-brokered
|
| Pricing date: | June 12
|
| Settlement dates: | June 20 (for C$3,459,850), July 7 (for C$472,790), July 11 (for C$350,750)
|
| Stock symbol: | TSX Venture: BOZ
|
| Stock price: | C$0.53 at close June 11
|
| Market capitalization: | C$21.01 million
|
|
|
| Units
|
| Amount: | C$1,594,140
|
| Units: | 3,542,533
|
| Price: | C$0.45
|
| Warrants: | One warrant per unit
|
|
|
| Flow-through units
|
| Amount: | C$2,689,250
|
| Units: | 5,378,500
|
| Price: | C$0.50
|
| Warrants: | One half-share warrant per unit
|
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