- Eric Sprott has invested C$1 million in Phoenix Gold (PXA) through a fully-subscribed private placement
- The company sold 2,500,000 units at C$0.40 per unit to 2176423 Ontario Ltd., a corporation beneficially owned by Sprott
- Sprott now owns approximately 12.2 per cent of the company on a partially diluted basis
- Proceeds will be used for working capital and general corporate purposes
- Phoenix Gold Resources is a mineral exploration and development company focused on projects in Nevada and Newfoundland
- Phoenix Gold (PXA) closed the day up 8.51 per cent trading at C$0.51 per share
Eric Sprott has invested C$1 million in Phoenix Gold (PXA) through a fully-subscribed private placement.
The company sold 2,500,000 units at C$0.40 per unit to 2176423 Ontario Ltd., a corporation beneficially owned by Sprott.
Each unit is comprised of one Phoenix Gold common share and one common share purchase warrant.
Each warrant entitles the holder to purchase one Phoenix Gold common share for C$0.60 until 24 months from the date of issuance.
Sprott now owns approximately 6.5 per cent of the company on a non-diluted basis and approximately 12.2 per cent on a partially diluted basis.
He acquired the units for investment purposes.
Proceeds will be used for working capital and general corporate purposes.
Phoenix Gold Resources is a mineral exploration and development company focused on projects in Nevada and Newfoundland.
Phoenix Gold (PXA) closed the day up 8.51 per cent trading at C$0.51 per share.