Algold Resources Ltd. is pleased to announce that it has raised aggregate gross proceeds of CAN$1 159 960 by issuing a total of 8 285 429 units at a price of CAN$0.14 per unit (the issue price) under its brokered private placement offering of units (the brokered offering) and concurrent non-brokered private placement offering of units (the non-brokered offering, and together with the brokered offering, the offering). A total of CAN$700 000 (representing 5 000 000 units) was raised under the brokered offering and CAN$459 960 (representing 3 285 429 units) was raised under the non-brokered offering.
Each unit consists of one common share in the capital of the corporation (each a common share) and one common share purchase warrant (each common share purchase warrant, a warrant) of the corporation. Each warrant entitles the holder thereof to acquire one common share at a price of CAN$0.20 for a period of 36 months from the closing of the offering.
Several existing shareholders maintained their current holdings with this participation, following the private placement completed with Osisko Gold Royalties Ltd. in February 2018.
The offering remains subject to receipt of the approval of the TSX Venture Exchange. The units, including all underlying securities thereof, are subject to a hold period of four months and one day from their date of issuance under applicable Canadian securities laws.
The corporation paid to the broker an aggregate cash commission of CAN$42 000. The net proceeds from the private placement will be used to carry out exploration at the corporation’s mineral properties and for working capital and general corporate purposes.
The securities offered have not been, and will not be, registered under the US Securities Act or any U.S. state securities laws, and may not be offered or sold in the US or to, or for the account or benefit of, US persons absent registration or any applicable exemption from the registration requirements of the US Securities Act and applicable US state securities laws.
Read the article online at: https://www.globalminingreview.com/finance-business/21032018/algold-raises-aggregate-gross-proceeds-of-can12-million/