- Stone Gold (STG) has completed the first tranche of its non-brokered private placement
- The first tranche consisted of the sale of 2,384,999 FT units and 1,450,000 HD units for gross proceeds of $431,199.88
- Proceeds will be primarily used for exploration activities and general working capital
- Stone Gold is engaged in the acquisition, exploration, and evaluation of properties for the mining of precious and base metals in Ontario
- Stone Gold Inc. (STG) opened trading at C$0.11 per share
Stone Gold (STG) has completed the first tranche of its previously announced non-brokered private placement.
The first tranche consisted of the sale of 2,384,999 FT units and 1,450,000 HD units for aggregate gross proceeds of $431,199.88.
Each FT unit consists of one common share and one-half of one common share purchase warrant. Each FT warrant entitles the holder to acquire one common share at a price of $0.20 for a period of two years. Each HD unit consists of one common share and one common share purchase warrant. Each HD warrant entitles the holder to acquire one additional common share at a price of $0.15 for a period of two years.
The company can elect to accelerate the expiry of the warrants in the event that the volume-weighted average trading price of the common shares equals or exceeds $0.30 for twenty consecutive trading days.
The proceeds from the FT units will be used for “Canadian exploration expenses”. The proceeds from the HD units will be primarily used for exploration activities and general working capital.
Completion of the offering is subject to receipt of all necessary regulatory approvals, including approval of the TSX Venture Exchange.
The securities issued will be subject to a statutory hold period of four months.
Stone Gold has agreed to pay a commission of $18,269.99 to eligible finders. Stone Gold is engaged in the acquisition, exploration, and evaluation of properties for the mining of precious and base metals. Its projects include the Mount Jamie North property and the Coppercorp property.
Stone Gold Inc. (STG) opened trading at C$0.11 per share.