By Sheri Kasprzak
New York, Oct. 25 - Buffalo Gold Ltd. said it has arranged a private placement for $3.5 million.
The company intends to sell, through placement agent Canaccord Capital Corp., 10 million units at $0.35 each.
The units are comprised of one share and one half-share warrant. The whole warrants are exercisable at $0.50 each for two years.
Canaccord also has an over-allotment option for up to 2 million additional units, exercisable after closing.
The expiry of the warrants may be accelerated to 30 days if any time four months after closing the company's stock exceeds $1.00 for 15 consecutive trading days.
Proceeds will be used for the initial phase of work on the company's Mt. Kare property in Papua New Guinea.
Based in Vancouver, B.C., Buffalo is a gold exploration company.
| Issuer: | Buffalo Gold Ltd.
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| Issue: | Units of one share and one half-share warrant
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| Amount: | $3.5 million
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| Units: | 10 million
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| Greenshoe: | For up to 2 million units
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| Price: | $0.35
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| Warrants: | One half-share warrant per unit
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| Warrant expiration: | Two years
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| Warrant strike price: | $0.50
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| Placement agent: | Canaccord Capital Corp.
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| Pricing date: | Oct. 24
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| Stock price: | $0.389 at close Oct. 24
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