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Geomega Resources (TSXV:GMA) has closed the final tranche of a previously announced private placement for gross proceeds of $233,000. Total proceeds from the placement are roughly $1 million. As quoted in the press release: The Company will use the proceeds of the Private Placement for surface exploration on its gold projects portfolio and working capital …
Geomega Resources (TSXV:GMA) has closed the final tranche of a previously announced private placement for gross proceeds of $233,000. Total proceeds from the placement are roughly $1 million.
As quoted in the press release:
The Company will use the proceeds of the Private Placement for surface exploration on its gold projects portfolio and working capital purposes.
Each Unit consists of one common share (a “Common Share“) and one-half of one share purchase warrant (each whole warrant, a “Warrant“). Each whole Warrant entitles the holder thereof to acquire one additional common share at a price of $0.23 per share for a period of twenty-four (24) months from July 3rd, 2015 (the “Closing Date”).
The Common Shares and Warrants acquired in the Final Tranche are subject to a hold period of four months plus one day from the Closing Date except as permitted by applicable securities legislation and the rules of TSX Venture Exchange.
The Company has the right to force the exercise of the Warrants if, after the hold period of four months plus one day, the volume weighted average price (VWAP) of the Common Share exceeds $0.50 for at least 10 days. Holders of Warrants shall have 30 days to exercise the Warrants following notification by the Company, failing which the Warrants will automatically expire.
Click here to read the full Geomega Resources (TSXV:GMA) press release.