Non-brokered deal sells units of shares, warrants at C$0.17 per unit
By Devika Patel
Knoxville, Tenn., July 30 - Castle Peak Mining Ltd. said it settled a C$2.52 million non-brokered private placement of units on July 27. The deal priced for C$2 million on July 4 and was amended and increased to C$2.5 million on July 24.
The company sold 14,823,528 units of one common share and one warrant at C$0.17 per unit. The warrants are each exercisable at C$0.25 for two years. The strike price reflects a 56.25% premium to the July 3 closing share price of C$0.16.
Grizal Enterprises Ltd. and Candel and Partners SAS each bought 5,882,353 units for C$1 million, and director, president and chief executive officer Darren Lindsay purchased 58,824 units for C$10,000.
Proceeds will be used for the ongoing exploration program at Castle Peak's Akorade project in Ghana as well as for working capital.
Castle Peak is a gold exploration company based in Vancouver, B.C.
| Issuer: | Castle Peak Mining Ltd.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | C$2.52 million
|
| Units: | 14,823,528
|
| Price: | C$0.17
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.25
|
| Agent: | Non-brokered
|
| Investors: | Grizal Enterprises Ltd. (for C$1 million), Candel and Partners SAS (for C$1 million) and Darren Lindsay (for C$10,000)
|
| Pricing date: | July 4
|
| Upsized: | July 24
|
| Settlement date: | July 27
|
| Stock symbol: | TSX Venture: CAP
|
| Stock price: | C$0.16 at close July 3
|
| Market capitalization: | C$9.19 million
|
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