Pediment Exploration closes $6-million financing
2007-08-22 14:31 ET - News Release
Mr. Gary Freeman reports
PEDIMENT EXPLORATION COMPLETES FINANCING
Pediment Exploration Ltd. has closed its private placement of four million units for gross proceeds of $6-million, as previously announced in Stockwatch on Aug. 7, 2007, and Aug. 8, 2007. The private placement was oversubscribed by 50,000 units for additional gross proceeds to the company of $75,000.
Each unit consists of one common share in the capital of the company and one-half of one share purchase warrant, each whole warrant entitling the holder to purchase one common share in the capital of the company at a price of $2 per share until Feb. 21, 2009.
In connection with the offering, the company paid PI Financial Corp. and Haywood Securities Inc. a total of $325,050, and issued 60,500 units (at a price of $1.50 per unit) and 307,200 finders' warrants. Each finder's warrant will be exercisable to acquire one common share of the company at a price of $2.05 per share until Feb. 21, 2009, and each unit having the same terms as the units described above.
The insider group consisted of two members, Gary Freeman and Michael Halvorson, who subscribed for a total of 50,000 units. All securities issued under the private placement are subject to a hold period until Dec. 22, 2007.
The company plans to use the net proceeds of the private placement to further the company's San Antonio gold exploration project in Baja, Mexico, for future property acquisitions and for general corporate purposes.
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