Non-brokered deal completes requirements for the Moose River Project
By Devika Patel
Knoxville, Tenn., March 7 – Atlantic Gold Corp. said it plans a C$13 million non-brokered private placement of 8.5% convertible debentures.
The convertible debentures mature in five years. The debenture may be converted into common shares at C$0.60 per share, which is a 20% premium to the March 4 closing share price of C$0.50.
Beedie Investments Ltd. invested C$8 million, affiliates of the Sprott Group invested C$3 million and affiliates of Au Mining Ltd. invested C$2 million.
The financing, together with a commitment letter for a $115 million project loan facility with Macquarie Bank Ltd. and Caterpillar Financial Services Corp., completes the funding requirements for the company’s initial capital costs for the Moose River Consolidated Project.
The gold explorer is based in Vancouver, B.C.
| Issuer: | Atlantic Gold Corp.
|
| Issue: | Convertible debentures
|
| Amount: | C$13 million
|
| Maturity: | Five years
|
| Coupon: | 8.5%
|
| Conversion price: | C$0.60
|
| Conversion premium: | 20%
|
| Warrants: | No
|
| Agent: | Non-brokered
|
| Investors: | Beedie Investments Ltd. (for C$8 million), Sprott Group (for C$3 million) and Au Mining Ltd. (for C$2 million)
|
| Pricing date: | March 7
|
| Stock symbol: | TSX Venture: AGB
|
| Stock price: | C$0.50 at close March 4
|
| Market capitalization: | C$57.75 million
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
