Glass Earth makes $C2.36m placement to fund Otago buyout

Free audio stream, including stories that are padlocked on our site. Listen on any device, anywhere. Updated twice daily. The audio stream takes several seconds to start on Android devices.

Launch Radio player

BUSINESSDESK: Glass Earth Gold, the miner whose shares trade on the NZAX and Canada’s TSX Venture Exchange, completed a $C2.36 million private placement of shares that will be used to buy out its joint venture partner in Otago.

The company sold 11.8 million units, consisting of one share and one warrant, at 20 Canadian cents apiece. The warrants allow the holder to buy one ordinary share at 35 Canadian cents over a 24-month period from date of issue.

Shares of Glass Earth last traded at 19 Canadian cents on the TSX and 28 cents on the NZX.

Glass Earth paid a finder’s fee for introducing investors to the company amounting to 6% of the total raised, or $C50,730.

The finders also got "non-transferable finder’s fee warrants" equal to 6% of the warrants sold, a total of 253,650 finder warrants in total.

The company plans to use the funds to help finance its purchase of 50% of the placer gold operations that it didn’t already own and to provide working capital.
 


This article is tagged with the following keywords. Find out more about MyNBR Tags

Comments & Questions

Commenter icon key: Subscriber Verified

Post New comment or question

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.

NZ Market Snapshot

Forex

Sym Price Change
USD 0.7567 0.0000 0.00%
AUD 0.9753 0.0000 0.00%
EUR 0.6945 0.0000 0.00%
GBP 0.5084 0.0000 0.00%
HKD 5.8650 0.0000 0.00%
JPY 90.0730 0.0000 0.00%

Commods

Commodity Price Change Time
Gold Index 1198.2 -6.000 2015-03-27T00:
Oil Brent 56.4 2.710 2015-03-27T00:
Oil Nymex 48.9 -2.560 2015-03-27T00:
Silver Index 17.1 -0.071 2015-03-27T00:

Indices

Symbol Open High Last %
NZX 50 5833.2 5854.2 5833.2 0.36%
NASDAQ 4863.7 4899.3 4863.4 0.57%
DAX 11920.2 11954.1 11843.7 0.21%
DJI 17673.6 17729.1 17678.2 0.19%
FTSE 6895.3 6910.6 6895.3 -0.58%
HKSE 24541.4 24549.9 24497.1 -0.04%
NI225 19374.7 19590.0 19471.1 -0.95%