Crocodile Gold Corp. (TSX:CRK) today announced that it has closed its previously announced $18 million private placement with Sprott Asset Management LP on behalf of certain funds and managed accounts, Eric Sprott and Luxor Capital Group.
Pursuant to the Placement, Crocodile Gold has issued 69,230,770 units at a price of $0.26 per Unit for total gross proceeds of $18 million. Each Unit consists of one common share of Crocodile Gold and one-quarter of one common share purchase warrant with each whole Warrant being exercisable to acquire one further common share of Crocodile at a price of $0.35 for a period of 12 months from closing and at a price of $0.40 for an additional period of 12 months beginning on the date of the first anniversary of the closing of the Placement.
The securities underlying the Units, including the common shares and Warrants issued on closing, as well as the common shares issuable upon due exercise of the Warrants, are subject to a four month statutory hold period until June 28, 2014.
The Company intends to use the net proceeds to fund growth projects, such as the Big Hill Project, and regional exploration programs as well as for general working capital purposes. In connection with the Placement, a finder’s fee has been paid to Brant Securities Ltd. and Sprott Private Wealth LP.
About Crocodile Gold
Crocodile Gold is a Canadian gold mining and exploration company with three operating mines in the Northern Territory and the State of Victoria, Australia. The Company has a combined land package in excess of 4,000 sq. km. The objective of Crocodile Gold is to continue production from its three operating mines, Cosmo, Stawell and Fosterville, while also exploring and developing the Company’s resources to ensure sustainable production in the future.
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