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Strategies & Market Trends : Dino's Bar & Grill
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To: Goose94 who wrote (433)3/8/2013 11:38:05 AM
From: Goose94Read Replies (3) of 203569
 
Banks Island (BOZ-V) closes $6-million private placement

March 8, 2013 - News Release

Banks Island Gold Ltd. has engaged M Partners Inc. in connection with a brokered private placement, on a best-efforts agency basis, to sell up to 5,882,353 flow-through share units at a price of 68 cents per flow-through unit and 3,232,062 common share units at a price of 62 cents per common share unit to raise gross proceeds of $6-million.

Each Flow-Through Unit consists of one flow-through common share ("a Flow-Through Share") and one-half of one non-transferrable share purchase warrant ("a Warrant"). Each whole warrant entitles the holder thereof to acquire one non flow-through common share ("a Common Share") in the capital of the Company at a price of $0.90 per Common Share for a period of eighteen (18) months following the closing of the financing. Warrants will NOT be listed for trading. The gross proceeds from the issue of the flow through shares (as defined in the Income Tax Act (Canada)) (the "Tax Act") included in the Flow-Through Units will be used on qualifying "flow-through mining expenditure" (as defined in the Tax Act) related to the Company's exploration projects. The Company intends to renounce Canadian Exploration Expenses (as defined in the Tax Act) with an effective date of no later than December 31, 2013.
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