Vangold Resources Ltd. (TSX-V: VAN) has announced a non-brokered private placement of up to 17,142,857 units for $0.35 per unit to result in total gross proceeds of up to $6 million.
Each unit will contain 1 common share and ½ of a non-transferable warrant. A whole warrant gives the holder the right to purchase 1 common share for $0.50 for an 18 month period from the closing date. The warrants will be subject to accelerated expiration if, at any time after four months and 1 day after closing, Vangold’s common shares close at or about $0.70 on the TSX Venture Exchange for 10 consecutive trading days.
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Vangold Resources Ltd. (Vangold) is a mineral exploration and oil-and-gas production company. The Company is engaged in the identification, acquisition, evaluation, exploration and development of mineral properties located in Canada, Papua New Guinea, the United States and Uganda.
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