Company sells 3 million flow-through units through non-brokered deal
By Devika Patel
Knoxville, Tenn., Sept. 15 – Banks Island Gold Ltd. said it will conduct a C$1.5 million non-brokered private placement of units.
The company will sell 3 million 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. The strike price reflects a 39.54% premium to the Sept. 12 closing share price of C$0.43.
Secutor Capital Management Corp. will be paid an 8% finder’s fee.
Proceeds will be used for exploration.
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$1.5 million
|
| Units: | 3 million
|
| Price: | C$0.50
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.60
|
| Agent: | Non-brokered
|
| Pricing date: | Sept. 15
|
| Stock symbol: | TSX Venture: BOZ
|
| Stock price: | C$0.43 at close Sept. 12
|
| Market capitalization: | C$17.15 million
|
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