First tranche consists of 1,022,500 units priced at C$0.70 apiece
By Marisa Wong
Madison, Wis., Oct. 22 – Atacama Pacific Gold Corp. said it closed the first tranche of its non-brokered private placement of units, raising C$715,750.
The company will sell up to 7.5 million units at C$0.70 per unit and issued 1,022,500 units under the first tranche.
Each unit is comprised of one common share and half of a common share purchase warrant. Each whole warrant entitles the holder to subscribe for one additional share at an exercise price of C$1.00 at any time prior to 36 months from the date of issuance. The strike price is a 96.1% premium to the Oct. 20 closing share price of C$0.51.
Proceeds from the private placement will be used to advance the company’s Cerro Maricunga oxide gold project located in Chile’s Maricunga minerals belt as well as for working capital requirements and other general corporate purposes.
Atacama explores and develops precious metals resource properties in Chile. The company is based in Toronto.
| Issuer: | Atacama Pacific Gold Corp.
|
| Issue: | Units of one common share and half of a common share purchase warrant
|
| Amount: | Up to C$5.25 million (C$715,750 for first tranche)
|
| Units: | Up to 7.5 million (1,022,500 in first tranche)
|
| Price: | C$0.70
|
| Warrants: | Half warrant per unit
|
| Warrant expiration: | 36 months
|
| Warrant strike price: | C$1.00
|
| Settlement date: | Oct. 22 for C$715,750
|
| Stock symbol: | TSX Venture: ATM
|
| Stock price: | C$0.51 at close Oct. 20
|
| Market capitalization: | C$28.2 million
|
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