Banks Island Gold (BOZ-V) Dec 24, '13 will increase the non-brokered private placement disclosed in the news release dated Dec. 13, 2013, to three million flow-through share units at a price of 58 cents per flow-through unit and 576,923 common share units at a price of 52 cents per common share unit to raise gross proceeds of $2.04-million.
The company has closed the first tranche of a brokered private placement offering of a total of 2,370,687 flow-through units at a price of 58 cents per flow-through-unit for gross proceeds of $1,374,998 and 497,230 non-flow-through units at a price of 52 cents per non-flow-through unit for gross proceeds of $258,560.
Each flow-through unit consists of one flow-through common share and one-half of one non-transferrable share purchase warrant. Each whole warrant entitles the holder thereof to acquire one non-flow-through common share in the capital of the company at a price of 70 cents per common share for a period of 18 months following the closing of the financing. Each common share unit consists of one common share and one-half of one non-transferable share purchase warrant. Each whole warrant entitles the holder thereof to acquire one common share at a price of 70 cents per common share for a period of 18 months following the closing of the offering.
The company may pay a finders' fee to finders of qualified subscribers. The finders' fee may be payable in cash or securities of the company.
The company intends to use the net proceeds of the offering for continued exploration and development activities on its mineral properties located in British Columbia.
Closing of the offering is anticipated to occur on or before Dec. 30, 2013, and is subject to receipt of applicable regulatory approvals, including approval of the TSX Venture Exchange. |
