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

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 My Tags

Comment & Question

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 0.7740 -0.0003 -0.04%
AUD 0.9511 0.0005 0.05%
EUR 0.6324 -0.0002 -0.03%
GBP 0.4954 0.0001 0.02%
HKD 6.0039 0.0001 0.00%
JPY 92.5100 -0.0050 -0.01%

Commods

Commodity Price Change Time
Gold Index 1195.4 -2.890 2014-12-19T00:
Oil Brent 61.4 2.110 2014-12-19T00:
Oil Nymex 57.1 2.740 2014-12-19T00:
Silver Index 16.0 0.090 2014-12-19T00:

Indices

Symbol Open High Last %
NZX 50 5518.5 5545.0 5518.5 0.17%
NASDAQ 4752.6 4782.1 4748.4 0.36%
DAX 9901.3 9901.3 9811.1 -0.25%
DJI 17778.0 17874.0 17778.2 0.15%
FTSE 6466.0 6566.9 6466.0 1.23%
HKSE 23158.3 23189.6 22832.2 1.25%
NI225 17511.0 17621.4 17210.0 2.39%