Source: Tudor Gold
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Tudor Gold Corp. (TUD) has closed a private placement for gross proceeds of approximately $7.75 million
  • The company issued 1.15 million conventional units at a price of $1.25 per unit
  • The company also issued 2.4 million flow-through (FT) units for $1.45, and 1.6 million charity FT units for $1.77
  • Eric Sprott participated in the offering for $2 million
  • Proceeds will be used for the ongoing exploration drilling program, working capital requirements, exploration expenses, and other general corporate purposes
  • Tudor Gold Corp. (TUD) is up 0.88 per cent, trading at $1.14 per share as of 12:22 p.m. ET

Tudor Gold Corp. (TUD) has closed its previously announced private placement for gross proceeds of approximately $7.75 million.

The offering included 1.15 million conventional units of Tudor Gold at a price of $1.25 per unit. Each conventional unit was made up of a special warrant which entitles the holder to receive one common share and one-half of one common share purchase warrant without payment of any additional consideration and no further action required.

A separate 2.4 million flow-through (FT) units were issued for $1.45 per FT unit. Each FT unit included a special warrant and half of one warrant. The special warrants and warrants covering the FT units will each qualify as a flow-through share.

Lastly, 1.6 million charity FT units were issued for $1.77 per charity FT unit. Each charity FT unit consisted of a special warrant and one-half of one warrant. The special warrants and warrants compromising the charity FT units also qualify as a flow-through share.

Each whole warrant will entitle the holder thereof to purchase one common share at an exercise price of $1.75 per warrant share at any time for two years after the closing date.

Eric Sprott participated in the offering for $2 million. Sprott is an insider of the company, and as such, his participation in connection with the private placement is a related-party transaction.

The net proceeds from the entire sale will be used for Tudor Gold’s ongoing exploration drilling program, working capital requirements, exploration expenses, and other general corporate purposes.

Tudor Gold Corp. (TUD) is up 0.88 per cent, trading at $1.14 per share as of 12:22 p.m. ET.


More From The Market Herald

" Fortuna (TSX:FVI) reports production increase

Fortuna Silver Mines (FVI) has reported solid production results for its third fiscal quarter from its four operating mines in the Americas and

" Sanu Gold (CSE:SANU) begins trading on the OTCQB

Common shares of Sanu Gold Corporation (SANU) have begun trading on the OTCQB under the symbol SNGCF.

" First Tellurium (CSE:FTEL) conducts channel sampling on multiple copper targets at Deer Horn

First Tellurium (FTEL) has conducted channel sampling on multiple copper targets at Deer Horn Property in British Columbia.

" Westhaven Gold (TSXV:WHN) completes sale of royalties and private placement with Franco-Nevada (TSX:FNV)

Westhaven Gold Corp. (WHN) has completed the royalty sales and private placement.