Algold Resources (ALG-V) Aug 7, '14 has closed a brokered PP of 3,728,424 units at a price of 27 cents per unit for gross proceeds of approximately $1,006,675. Each unit consists of one common share of Algold and one-half of one share purchase warrant, each whole warrant exercisable at a price of 35 cents and expiring 24 months from its date of issuance.
In connection with this placement, Algold paid a cash commission of $22,080 and issued 81,777 broker warrants, each entitling the holder to acquire a unit upon payment of 35 cents and expiring 24 months from its date of issuance.
These securities were issued under applicable prospectus exemptions and will be subject to a statutory hold period of four months and one day from closing of the placement.
In other news, Algold has amended its stock option plan such that the number of shares reserved for issuance under the SOP is always equal to 10 per cent of the number of outstanding shares. Algold has also amended its deferred share unit plan to add a feature whereby the corporation may make payments due under the DSU plan by issuing one share for each deferred share unit. |
