Glass Earth Gold is raising as much as $C3 million in a private placement in Canada to raise funds to develop its Neavesville and WKP projects in the Hauraki region.
The placement follows Glass Earth's announcement last month that it had gained rights to take over the Neavesville gold and silver prospect from Canadian resource developer Eurasian Minerals.
The WKP project is an existing joint venture with Newmont Mining, which owns the Martha Hill mine to the south of Neavesville.
The company will place as many as 18.75 million units at 16 Canadian cents apiece. The units comprise one ordinary share and a warrant exercisable for 24 months to buy an additional share at 25 Canadian cents.
The private placement will consist of up to 18.75 million Units at a price of $C0.16 per Unit. Each Unit will consist of one common share and one common share purchase Warrant.
Each Warrant will entitle the holder to purchase one common share at a price of $C0.25 per share, exercisable for a period of 24 months from the date of issuance.
The placement is subject to acceptance by the TSX Venture Exchange.
The shares last traded at 15 Canadian cents on the Canada Venture Exchange and have tumbled 65% in the past year. The NZX-listed shares last traded at 24 cents.
This article is tagged with the following keywords. Find out more about MyNBR Tags
Most listened to
- Chorus CEO Mark Ratcliffe on why he's leaving and the regulatory regime
- “The issues are so enormous that it all seems completely overwhelming,” says Rod Oram. “But there is movement.”
- Xero's CFO Sankar Narayan on competitors MYOB and Intuit's results
- Craigs' Mark Lister on the Federal Reserve giving the Reserve Bank a breather
- Parliamentary silly buggers is starting to dominate the activity and effort of John Key’s government, says Rob Hosking