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Golden Alliance Resources Corp. (TSXV:GLL) announced a non-brokered private placement financing of up to 5,000,000 units at a price of $0.20 per unit.
As quoted in the press release:
Each unit will be comprised of one common share and one transferable warrant. Each warrant will entitle the holder, on exercise, to purchase one additional common share of the Company at a purchase price of $0.30 per warrant share for 18 months from the date of issue of the warrant. The warrant exercise period may be accelerated if: (a) the closing market price for the Company’s common shares on the TSX Venture Exchange is greater than $0.35 per share for a period of 10 consecutive trading days; and (b) the Company has obtained the drilling permit on the Company’s Rio Tabaconas project in Peru; then the Company may deliver a notice notifying the warrant holder that the warrants must be exercised within 30 days from the date of delivery of such notice, otherwise the warrants will expire on 31st day after the date of delivery of the notice.
The proceeds from the Offering will be used to advance exploration projects in Peru, in particular, the completion of an environmental impact assessment and related community relations activities for obtaining a drilling permit on its Rio Tabaconas project, and for general working capital.
Click here to read the Golden Alliance Resources (TSXV:GLL) Â press release.
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