By Devika Patel
Knoxville, Tenn., July 10 - Bellhaven Copper & Gold, Inc. said it completed the second and final tranche of a C$2.08 million private placement of units, taking in C$255,612.50. It raised C$1.83 million in the first tranche on July 7. The deal priced for C$2.4 million on June 10.
The company sold 3,320,422 units in the first tranche and 464,750 units in this one. It planned to sell 4,363,700 units total at C$0.55 apiece, but only sold 3,785,172 units.
Each unit consists of one common share and one warrant. Each two-year warrant is exercisable at C$0.80 for the first year and at C$1.00 thereafter.
The warrants may expire sooner if Bellhaven's shares trade above C$1.60 for 20 consecutive days in the first year and above C$2.00 for 20 consecutive days in the second year.
Proceeds will be used for property payments, a down payment on certain mining equipment and working capital.
Bellhaven is a mineral exploration company with headquarters in Vancouver, B.C.
| Issuer: | Bellhaven Copper & Gold, Inc.
|
| Issue: | Units of f one common share and one warrant
|
| Amount: | C$2,081,844.60
|
| Units: | 3,785,172
|
| Price: | C$0.55
|
| Warrants: | One warrant per unit
|
| Warrant strike price: | C$0.80 in the first year, C$1.00 thereafter
|
| Warrant expiration: | Two years
|
| Pricing date: | June 10
|
| Settlement date: | July 7 (for C$1,826,232.10), July 10 (for C$255,612.50)
|
| Stock symbol: | TSX Venture: BHV
|
| Stock price: | C$0.60 at close June 10
|
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