Archive for category Financings

KAMINAK GOLD CORPORATION ANNOUNCES AN INCREASE TO OVER-ALLOTMENT OPTION OF EQUITY FINANCING

Posted by Admin in Financings, News Releases on July 13th, 2010

Kaminak Gold Corp., in connection with its previously announced bought-deal offering co-led by Canaccord Genuity Corp. and Mackie Research Capital Corp., and including Fraser Mackenzie Ltd., has increased the overallotment option of the offering from 15 per cent of the gross proceeds raised to 45 per cent of the gross proceeds raised through the offering, and now includes up to $1.5-million of flow-through common shares and $3-million of common shares. If the overallotment option is fully exercised, the gross proceeds from the offering will be $14,503,900.

The company intends to use the net proceeds of the offering to conduct exploration activities on its Coffee project located in the White Gold district, Yukon, and for general working capital purposes.

Closing of the offering is anticipated to occur on or before July 29, 2010, and is subject to receipt of applicable regulatory approvals, including approval of the TSX Venture Exchange. Securities issued under the offering and through the overallotment option will be subject to a four-month hold period, which will expire four months from the date of closing.

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Kaminak Gold Does Huge Financing

Posted by Admin in Financings, News Releases on July 12th, 2010

Kaminak Gold Corp. has entered into an agreement with a syndicate of underwriters co-led by Canaccord Genuity Corp. and Mackie Research Capital Corp. and including Fraser Mackenzie Ltd. to sell 3,335,000 common shares at a price of $1.50 and 2,942,000 flow-through common shares at a price of $1.70 for total gross proceeds of $10,003,900. In addition, the company will grant the underwriters an overallotment option, exercisable prior to the closing of the offering, to purchase from the company up to an additional 15 per cent of securities issued through the offering, in any combination of common shares and flow-through shares, at the same price as is applicable to the offering.

The underwriters will receive a cash commission of 6 per cent of the gross proceeds raised, and non-transferable share purchase warrants entitling the underwriters to purchase, at a price of $1.50 within 24 months after closing of the offering, common shares equal to 6 per cent of the total number of securities sold pursuant to the offering.

The company intends to use the net proceeds of the offering to conduct exploration activities on its Coffee project located in the White gold district, Yukon, and for general working capital purposes.

Closing of the offering is anticipated to occur on or before July 29, 2010, and is subject to receipt of applicable regulatory approvals including approval of the TSX Venture Exchange. Securities issued under the offering and through the overallotment option will be subject to a four-month hold period which will expire four months from the date of closing.

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Arcus announces flow-through financing and expansion of Yukon land package

Posted by Admin in Financings, News Releases on June 16th, 2010

Arcus Development Group Inc. (the “Company”) announces that subject to regulatory approval, it will carry out a non-brokered private placement of flow-through shares. Up to 7,500,000 flow-through shares will be sold at $0.20 per share for proceeds of $1,500,000. Funds from the placement will be used to finance 2010 work on the Company’s projects in the Yukon.

The Company’s Yukon gold projects consist of the Green Gulch and the Touleary properties, immediately adjacent to the Underworld Resources White Gold property and the Dan Man property, immediately adjacent to the Kaminak Gold Coffee property. Maps showing the locations of the properties can be viewed on the Arcus website.

The Company also announces that it has increased the size of its Dan Man property through the addition of 203 new mineral claims. These new claims are located immediately north of the Company’s original Dan Man claims and were acquired through staking. “Based on the encouraging results from Kaminak’s initial drilling on its Coffee claims, Arcus has significantly increased the size of its Dan Man claim block and is accelerated its 2010 exploration programs in the White Gold area,” reported Ian Talbot, the Company President.

Phase one of the Company’s 2010 Yukon program will focus on mechanically trenching soil and rock geochemical anomalies identified at each of the Dan Man, Green Gulch and Touleary properties in 2009. The phase two program will consist of the drill testing of targets identified during the stage one trenching program.

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Arcus Closes Property Acquisition and Financing

Posted by Admin in Financings, News Releases on August 21st, 2009

Arcus Development has closed its previously announced non-brokered flow-through private placement. A total of 4,652,843 units were sold at a price of 13 cents per unit for gross proceeds of $604,870. The units consisted of one flow-through common share and one warrant. Each warrant entitles the holder to purchase one additional flow-through common share at a price of 20 cents at any time on or before Aug. 12, 2010. All securities issued as part of this private placement are subject to a hold period until Dec. 13, 2009.

Of the 4,652,843 units sold as part of the placement, 2,692,306 units were purchased by the MineralFields Group through MineralFields 2009 Super Flow Through Limited Partnerships 1 through 4. The MineralFields Group is based in Toronto, Ont., and has business offices at 210 — 1110 Finch Ave. West. The 2,692,306 shares purchased by the MineralFields Group as part of the units represent 14.64 per cent of the issued and outstanding common shares of Arcus. Prior to this private placement, the MineralFields Group did not own any Arcus shares.

Pursuant to the policies of the TSX Venture Exchange, shareholder approval is required in advance of the completion of a private placement where the placement will result in the creation of a person or group controlling greater than 20 per cent of the issued shares of a listed company (a control person). The Arcus shares that may be issued following the exercise of warrants acquired by the MineralFields Group under the placement could potentially result in the MineralFields Group becoming a control person of Arcus. To prevent the MineralFields Group from becoming a control person of Arcus without prior shareholder approval, the MineralFields Group and Limited Market Dealer Inc. have provided the TSX Venture Exchange and Arcus with an undertaking not to exercise any Arcus warrants if doing so will result in the MineralFields Group becoming a control person of Arcus.

Subject to the foregoing undertaking, the MineralFields Group has purchased Arcus shares for investment purposes only. The MineralFields Group may increase or decrease its investment in Arcus depending on market conditions and other relevant factors.

Cash finders’ fees of $21,300 and $1,280 were paid to Limited Market Dealer Inc. and Canaccord Capital Corporation, respectively, related to the sale of a portion of the placement. Limited Market Dealer Inc. and Canaccord Capital Corporation were also granted 218,461 and 9,840 finders’ options respectively. If exercised, the finders’ options entitle the finders to receive one Arcus share at a price of 13-1/2 of a share purchase warrant. Each whole finders’ warrant entitles the finders to purchase one Arcus share at a price of 20 cents. The finders’ options and the underlying finders’ warrants may be exercised at any time on or before Aug. 12, 2010.

Arcus also announces that it has received TSX Venture Exchange acceptance of its option to acquire a 50-per-cent interest in the Dawson gold project. The Dawson gold project consists of four claim blocks covering an area of approximately 77 square kilometres adjacent to or near the Underworld Resources Inc. White gold and Black Fox properties in west-central Yukon.

The proceeds from the private placement and any proceeds from the exercise of the warrants will be used to finance the company’s work programs on the Dawson gold project. Proceeds for the exercise of any of the finders’ options and underlying finders’ warrants will be used as general working capital.

Work programs on the four claim blocks comprising the Dawson gold project are currently under way or will commence shortly. Preliminary results will be announced as they are received by Arcus.

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Taipan Capital Increases Private Placement

Posted by Admin in Corporate Updates, Financings, News Releases on August 20th, 2009

 Taipan Capital, concurrent with the proposed qualifying transaction,will conduct a non-brokered private placement of units for up to $405,000 (increased from $345,000) in gross proceeds. The financing will now consist of up to 1,500,000 flow-through units (the “FT Units”) and up to 1,500,000 non-flow-through units (the “Non-FT Units”). Each FT Unit will consist of one flow-through common share in the capital of the Company and one non-transferable share purchase warrant, offered at a price of $0.15 per FT Unit. Each Non-FT Unit will consist of one non-flow-through common share in the capital of the Company and one non-transferable share purchase warrant, offered at a price of $0.12 per Non-FT Unit. Each share purchase warrant forming a part of the FT Units and Non-FT Units will entitle the holder thereof to acquire one additional non-flow-through common share of the Company at a price of $0.15 per share at any time prior to the date that is 24 months from the date of issuance.

Net proceeds from the Private Placement will be utilized to fund the proposed work program on the Lucky Joe Property and for working capital. Finders fees may be payable in connection with the Private Placement as permitted under the policies of the Exchange.

Completion of the Transaction is subject to a number of conditions, including but not limited to, Exchange acceptance and if applicable pursuant to Exchange Requirements, majority of the minority shareholder approval. Where applicable, the transaction cannot close until the required shareholder approval is obtained. There can be no assurance that the Transaction will be completed as proposed or at all.

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Northern Tiger Closes Private Placement and Announces Program

Posted by Admin in Field Work, Financings, News Releases on August 18th, 2009

Northern Tiger Resources has raised a total of $1,095,000 and is planning a significant expansion to its previously announced $1-million exploration program. The Company is now planning a program totalling $1,750,000.

Northern Tiger intends to drill up to 12 diamond drill holes (2,600 metres) at Sonora Gulch. The primary focus of the drill program will continue to be on the Nightmusic Zone, where 2008 drilling intercepted 26.6 metres grading 4.96 g/t gold, 11.9 g/t silver and 0.23% copper. Surface exploration and geophysical programs will also be expanded, including exploration for Minto-style deposits on the properties Northern Tiger obtained from its exploration alliance partner Minto Exploration Ltd., a wholly owned subsidiary of Capstone Mining Corp.

We have really just begun exploring what we believe is a large mineralized system at Sonora Gulch, and are pleased to be able to expand our 2009 program”, says Greg Hayes, President of Northern Tiger. “The additional work should allow us to build on our previous exploration success and continue to demonstrate the potential of the Sonora Gulch property to host significant gold mineralization. In addition, we are committed to achieving our goal of advancing at least one Minto-style target to the drill-ready stage for 2010.”

On August 17, 2009 the Company closed a non-brokered private placement of 3,650,000 units (”Units”) at a price of $0.20 per Unit and 1,825,000 class “A” common shares issued as “flow-through shares” under the Income Tax Act (Canada) (”FT Share”) at a price of $0.20 per FT Share for aggregate gross proceeds of $1,095,000. Each Unit consisted of one class “A” common share of Northern Tiger (”Common Share”) and one transferable share purchase warrant (”Warrant”). Each Warrant entitles the holder to acquire an additional Common Share at a price of $0.30 at any time within 24 months of issuance.

The FT Shares and Units were sold to qualified purchasers in reliance upon exemptions from the prospectus and registration requirements of applicable securities legislation. The proceeds from the sale of FT Shares will be used to incur expenditures which qualify as Canadian Exploration Expenses, and will be used to explore Northern Tiger’s Yukon mineral properties. The proceeds from the sale of the Units will be used to explore Northern Tiger’s Yukon mineral properties and for general corporate expenses. The FT Shares, the Common Shares and Warrants comprising the Units and Common Shares issuable upon exercise of the Warrants are subject to a four (4) month restricted period which expires on December 18, 2009.

In connection with the private placement and in accordance with regulatory requirements, the Company paid $3,750 cash as Finder’s Fees to an arm’s length party. The TSX Venture Exchange has conditionally accepted the private placement and finder’s fees.

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Ashburton Announces Financing with Mineral Fields

Posted by Admin in Financings, News Releases on August 13th, 2009

Ashburton Ventures Inc. has arranged a non-brokered private placement of $300,000 through the sale of three million flow-through units at 10 cents each to the MineralFields Group. Proceeds of this financing will be used towards the company’s properties in Red Lake and the Yukon.

The Company will pay a finder’s fee to Limited Market Dealer Inc. for this financing equal to 7.5% cash and 5% broker warrants and a finder’s find to Industrial Alliance Securities equal to 2.5% cash and 5% broker warrants.

“We are very pleased to be entering into this relationship with MineralFields Group”, said Mike England, President and CEO. “This is an important milestone in the growth of Ashburton Ventures Inc. and we look forward to working with MineralFields Group as we develop our holdings in the regions.”

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First Lithium Arranges Brokered Private Placement

Posted by Admin in Financings, News Releases on August 10th, 2009

First Lithium Resources Inc. has entered into an agreement with Byron Capital Markets, a division of Byron Securities Ltd., to finance a best efforts private placement of up to five million units of the company at a price of 10 cents per unit for gross proceeds of up to $500,000. Each unit shall consist of one flow-through common share and one common share purchase warrant entitling the holder to acquire one non-flow-through common share of the company for a period of two years following the closing date at an exercise price of 15 cents per share in the first year and 25 cents per share in the second year. In consideration for its efforts, the agent will receive a cash commission representing 8 per cent of the gross proceeds and agent’s warrants equal to 10 per cent of the units sold. Each agent’s warrant shall entitle the agent to purchase one non-flow-through common share of the company at a price of 10 cents per share for a period of 12 months following the closing date.

The proceeds of the private placement will be used by the company to finance exploration expenditures on its Canadian properties.

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Cloudbreak Resources Increases Size of Financing

Posted by Admin in Financings, News Releases on July 29th, 2009

Cloudbreak Resources Ltd. has increased the current private placement offering from a maximum of five million units to six million units at a purchase price of 6.5 cents per unit for total gross proceeds of up to $390,000. As previously announced, each unit will continue to comprise one common share and one warrant with each warrant entitling the holder to purchase one common share at a price of 10 cents per share for a period of five years from closing.

The company will also increase the private placement of 15 million flow-through units to 17 million flow-through units at a purchase price of 6.5 cents per flow-through unit for total gross proceeds of up to $1,105,000. Each flow-through unit will continue to comprise one common share issued on a flow-through basis and one warrant entitling the holder to purchase one common share at a price of 10 cents per share for a period of two years from closing.

The moneys from the sale of the units will be used for general working capital and for further development of the company’s Canadian properties. The moneys from the sale of the flow-through units will be used for the company’s exploration activities on its Canadian mineral properties.

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Pacific Ridge Does Rollback and Finances

Posted by Admin in Corporate Updates, Financings, News Releases on July 24th, 2009

Further to Pacific Ridge Exploration Ltd.’s news release of July 13, 2009, the company has proceeded with the 1:4 consolidation of its issued common shares without a change of name. Effective at the opening of the market on July 24, 2009, the company’s shares will trade on a consolidated basis under the symbol PEX (with new Cusip No. 694798208). Letters of transmittal will be forthcoming.

The company also announced that it is proposing to sell by way of non-brokered private placements up to 2.5 million flow-through shares to Canadian resident investors, each flow-though share priced at 20 cents to raise gross proceeds of $450,000, and up to 2.5 million units at a price of 20 cents per unit to raise gross proceeds of $450,000. Each unit consists of one common share and one-half of a transferable share purchase warrant, each whole warrant entitling the holder to purchase one common share at a price of 25 cents per share for 12 months.

The company will use the gross proceeds from the sale of the flow-through shares for Canadian exploration expenses (CEE), within the meaning of the Income Tax Act (Canada), with the company using its best efforts to ensure that such CEE qualify as a flow-through mining expenditure for purposes of the Income Tax Act (Canada), related to the exploration of the company’s mineral exploration projects located in Yukon, Canada. The company expects to renounce such CEE with an effective date of Dec. 31, 2009. The company will use the gross proceeds from the sale of the units for general working capital purposes and development of the company’s mineral property portfolio.

In connection with the private placements, the company is proposing to pay finders’ fees in cash (6 per cent) or shares equal in number to 6 per cent of the number of flow-through shares and units purchased by investors that may be introduced to the company by finders.

The private placements and payment of finders’ fees are subject to regulatory approval.

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