Offering funds bulk sampling, test mining, onsite milling and drilling
By Devika Patel
Knoxville, Tenn., Aug. 31 - BCGold Corp. said it raised C$1.47 million in the first tranche of a C$2.4 million non-brokered private placement of units. The deal priced July 11.
The company is selling 13.3 million flow-through units of one flow-through common share and a half-share warrant at C$0.12 per unit.
BCGold also is selling 8 million units of one common share and a half-share warrant at C$0.10 per unit.
It sold 2.66 million units and 10,053,663 flow-through units in the first tranche. Investors included MineralFields Group.
Each whole flow-through unit warrant is exercisable at C$0.30 for one year. Each of the unit warrants is exercisable at C$0.20 for one year. The strike prices are 215.79% and 110.53% premiums to the July 8 closing share price of C$0.095.
Proceeds will be used for bulk sampling, test mining and onsite milling, drilling and other exploration work on the Engineer Mine Property in British Columbia, generative copper-gold exploration in British Columbia and Yukon and for general working capital.
The company also said it is reviewing alternatives for a corporate reorganization that may involve a capital restructuring and/or a spinout of certain of its mineral exploration properties into a new vehicle.
Vancouver, B.C.-based BCGold is a gold and other precious and base metals exploration company.
| Issuer: | BCGold Corp.
|
| Issue: | Flow-through units of one flow-through common share and a half-share warrant, units of one common share and a half-share warrant
|
| Amount: | C$2,396,000
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | One year
|
| Agent: | Non-brokered
|
| Investor: | MineralFields Group
|
| Pricing date: | July 11
|
| Settlement date: | Aug. 31 (for C$1,472,440)
|
| Stock symbol: | TSX Venture: BCG
|
| Stock price: | C$0.095 at close July 8
|
| Market capitalization: | C$9.09 million
|
|
|
| Flow-through units
|
| Amount: | C$1,596,000
|
| Units: | 13.3 million (10,053,663 in first tranche)
|
| Price: | C$0.12
|
| Warrant strike price: | C$0.30
|
|
|
|
|
| Units
|
| Amount: | C$800,000
|
| Units: | 8 million (2.66 million in first tranche)
|
| Price: | C$0.10
|
| Warrant strike price: | C$0.20
|
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